Norwegian oil and gas company Equinor signed an agreement with British energy company BP to sell a 50% share in two US offshore wind power developments for $1.1 billion, the company announced in a statement on Thursday.
Through this transaction, the companies also expect to establish a strategic partnership for further growth in offshore wind in the US.
Currently, Equinor holds a 100% interest in both the Empire Wind lease, located off the coast of New York State, and the Beacon Wind lease, located off the Massachusetts coast.
“This transaction with BP demonstrates Equinor’s ability to create value from developing offshore wind projects,” Pal Eitrheim, executive vice president for New Energy Solutions in Equinor, was quoted as saying in the statement.
As the partnership develops, both companies hope to expand this cooperation further in a market that is forecast to grow to between 600 and 800 gigawatts (GW) globally by 2050, according to the statement.
By Sibel Morrow