BP has formally entered to the U.S. offshore wind energy sector with Equinor as a strategic partner, the company announced this Friday. Completion was marked by BP’s $1,1 billion acquisition of a 50% interest in two major lease areas off the U.S. East Coast.
This 50:50 partnership will develop up to 4,4 gigawatts of power from two major offshore projects: The Empire and Beacon Wind. According to the statement, the companies will seek more offshore wind opportunities in order to provide 50 GW of renewable capacity by 2030.
News is also marked by the recent success of the Empire Wind 2 and Beacon Wind 1 projects, when they were selected to provide for the New York State with 2,5 GW of power. As we reported previously, the award was the state’s largest and one of the single largest U.S. renewable energy contracts.
Both projects, with the existing award to Equinor to provide 816 MW from Empire Wind 1, together intend to provide for the state of New York with 3,3 GW of renewable offshore wind power.
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Offshore wind, central in BP’s strategy to become an integrated energy company
About BP’s formal entry to the U.S. offshore market, Dev Sanyal, EVP, gas & low carbon energy, said; “We see significant opportunities by rapidly growing bp’s offshore wind business, making a major contribution to our strategic goals and developing assets that will provide long-term, stable returns.”
“Partnering with Equinor, we look forward to developing these world class assets in the fastest growing energy sector. We will work with communities and authorities in New York to develop a leading offshore industry hub, including the South Brooklyn Marine Terminal and the Port of Albany,” he added.
“The partnership will continue to identify new opportunities elsewhere in the US; is committed to providing people with the energy they need in the way they want it,” he concluded.
Today’s entering into the offshore market marks an important step for BP’s strategy in becoming an integrated energy company; under such strategy, the company pursues the goal to grow its renewable capacity from 2,5 GW in 2019, to 20 GW by 2025; and around 50 GW by 2030.