BP to buy 50% stake in Equinor US wind power projects for $1.1bn

Norwegian energy company Equinor said it had agreed to sell a 50% stake in two US offshore wind power development projects to BP for $1.1bn.

The two companies would also establish a strategic partnership for further growth within offshore wind in the US, Equinor said on Thursday.

“Through this partnership Equinor and BP will consider future joint opportunities in the US for both bottom-fixed and floating offshore wind and will leverage relevant expertise to jointly grow scale,” Equinor said.

“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 globally by 2050.”

Equinor will remain the operator of the projects through the development, construction and operation phases. The deal is expected to close in early 2021, the company said.