BP has made its first foray into offshore wind with a $1.1 billion deal to partner Norway’s Equinor building projects off the United States. The oil major is buying a 50 per cent interest in two leases off New York and Massachusetts, where the companies plan to build four wind farms with a total capacity of 4.4 gigawatts, or enough to power more than two million homes. The companies have also formed a strategic partnership to work together on other opportunities in the fast-growing US offshore wind market. The deal forms part of BP’s new strategy to increase investment in green energy with a target of having developed 50 gigawatts of renewable power capacity by 2030, up from only 2.5 gigawatts as of last year. Bernard Looney, its chief executive, has set a goal of reducing the company’s footprint to “net zero” by 2050.
Times 10th Sept 2020 read more »
Energy Voice 10th Sept 2020 read more »