Equinor and BP end their joint venture on US offshore wind projects, taking full ownership of Empire Wind and Beacon Wind projects respectively.

Equinor and BP have announced plans to end their joint venture on offshore wind projects in the US and pursue separate projects independently. Equinor will take full ownership of the Empire Wind project, while BP will take full ownership of the Beacon Wind project. The move comes as the US offshore wind industry recovers from a period of rising costs and project delays, and industry experts view this as a sign that uncertainty in the sector is decreasing. The deal is expected to be cash neutral, excluding standard settlements of cash and working capital items.

January 25, 2024
19 Articles