BP to take ownership of Equinor’s 50% stake in Beacon Wind US offshore projects

BP (BP) and Equinor (EQNR) announced an agreement to restructure the ownership of their joint U.S. offshore wind projects which, following completion, will result in BP taking ownership of Equinor’s 50% stake in the Beacon Wind 1 and 2 projects and Equinor taking ownership of BP’s 50% stake in the Empire Wind 1 and 2 projects. In addition, BP agrees to take ownership of Equinor’s 50% interest in the Astoria Gateway for Renewable Energy site and, subject to certain future conditions, Equinor agrees to take ownership of bp’s 50% interest in the South Brooklyn Marine Terminal. BP will take ownership of Equinor’s 50% stake in the Beacon Wind US offshore wind projects, located in federal waters between Cape Cod, Massachusetts, and Long Island, New York. Beacon Wind 1 and 2 have the combined potential to deliver renewable energy to over 2 million consumers in the northeastern U.S. Meanwhile, Equinor will take ownership of BP’s 50% stake in the Empire Wind US offshore wind projects, located 15-30 miles southeast of Long Island. Previously, BP and Equinor each held a 50% stake in the Beacon and Empire offshore wind projects. Under the new agreement, the companies will work independently to develop their wholly owned projects. The pair have also agreed with the New York State Energy Research and Development Authority, or NYSERDA, to terminate the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement for the Beacon Wind 1 project. “The agreement aims to help each company optimize their development strategies, strengthen their positions in the US offshore wind market and continue supporting the energy transition,” BP stated.