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BP invests in offshore wind to power 2 million American homes

BP (BP) he said Thursday in a statement that he will purchase a 50% stake in Equinor’s Empire Wind and Beacon Wind projects on the east coast of the United States. Together, they have the potential to power more than 2 million American homes.
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“This is an important initial step in realizing our new strategy and pivot to become a truly integrated energy company,” said Bernard Looney, CEO of BP. “Offshore wind is growing around 20% annually globally and is recognized as a key part of the global need to limit emissions.”

Last month BP unveiled a major strategic review to deliver on its promise of zero net emissions by 2050. The company expects a 10-fold increase in annual low-carbon investments to $ 5 billion by 2030, when predicts that its oil and gas production will be down 40% from 2019 levels.

The deal with Norway’s Equinor is expected to close early next year and could pave the way for further investment in the fast-growing US offshore wind market.

Equinor said the companies will consider future opportunities in the country.

“Our partnership underlines the strong commitment of both companies to accelerate the energy transition, and the combination of our strengths will enable us to grow a profitable offshore wind business together in the United States,” CEO Eldar Sætre said in a statement. .

The Empire Wind and Beacon Wind developments are located off the coast of New York City and the Massachusetts coast, respectively.

Last month BP said its plan to move away from oil will involve major investments in bioenergy, hydrogen and carbon capture and storage. At the same time, BP will be reducing its oil and gas refining portfolio and aims to raise $ 25 billion by selling assets over the next five years.

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