TOP STORIES

BP and Equinor split 4.5GW US joint venture

RICHARD HEAP

January 26, 2024

BP and Equinor have split their US offshore wind joint venture, which holds projects totalling 4.5GW, to pursue projects independently.

The pair own the 2.4GW Beacon Wind and 2.1GW Empire Wind projects in a 50:50 partnership. However, they have agreed for BP to take ownership of Equinor’s 50% stake in the 2.4GW Beacon Wind 1 and 2 complex, and for Equinor to take over BP’s 50% stake in the 2.1GW Empire Wind 1 and 2 complex.

Anja-Isabel Dotzenrath, executive vice president, gas and low carbon energy at BP said: “We remain disciplined with an uncompromised focus on value creation across our entire offshore wind portfolio as we continue to pursue growth opportunities that underpin our company’s transformation.”

Since the agreement was finalised, Equinor submitted the 816MW Empire Wind 1 project in New York’s fourth offshore wind solicitation round, which closed on 25th January.

Molly Morris, senior vice president for renewables in the Americas at Equinor said: “Empire Wind 1 is ready to deliver on New York’s climate and energy goals, with numerous permits and supplier contracts secured. The strong commitment by the state to develop this industry is reflected in the NY4 rapid re-bid offering, providing an opportunity to improve value creation for the project.”

Read more