Sep 10, 2020

BP to pay $1.1bn for stake in US wind project

UK energy major BP has agreed to acquire a 50 per cent stake in two US offshore wind power projects from Norway's Equinor for $1.1bn. The decision to take a stake in the Empire Wind and Beacon Wind assets comes as BP sets a goal of increasing annual investment in low-carbon assets 10-fold to about $5bn a year. BP plans to increase renewable power development from 2.5 gigawatts in 2019 to about 50GW by 2030 after chief executive Bernard Looney laid out ambitions for BP to become a net zero emissions company by 2050. The deal, expected to close in early 2021, would be the company's first offshore wind venture. "This is an important early step in the delivery of our new strategy," said Mr Looney. As part of the agreement, BP and Equinor will also jointly develop four assets located offshore New York and Massachusetts that could generate power for more than 2m homes.

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