29th Jan 2021 16:27
(Alliance News) - UK energy giant BP PLC on Friday announced its completed US offshore wind partnership with Stavanger, Norway-based energy firm Equinor ASA.
The partnership includes BP's USD1.1 billion acquisition of a 50% interest in two major lease areas off the US East Coast.
The new partnership will see the development of up to 4.4 gigawatts through two projects - Empire Wind and Beacon Wind - as well as continue to explore opportunities in the US offshore wind market.
The Empire Wind lease area was first awarded to Equinor in 2016, has a total area of 80,000 acres, and its two phases of development have a potential generation capacity of 2 gigawatts.
Meanwhile, the Beacon Wind lease covers an area of 128,000 acres, and when fully developed its two phase are anticipated to have a total generating capacity of 2.4 gigawatts.
"Partnering with Equinor, we look forward to developing these world class assets in the fastest growing energy sector. We will work with communities and authorities in New York to develop a leading offshore wind industry hub, including the South Brooklyn Marine Terminal and the Port of Albany. The partnership will continue to identify new opportunities elsewhere in the US and is committed to providing people with the energy they need in the way they want it," said Dev Sanyal, vice president of Gas & Low Carbon Energy at BP.
On Wednesday, BP formed a strategic partnership with Australian airline Qantas, in which they will explore ways in which they can reduce carbon emissions in the aviation sector.
Specifically, both companies will explore opportunities and projects in areas including sustainable fuels, renewable power solutions and generations, and new technology.
"This is another move towards our ambition to be a net zero company by 2050 or sooner and help the world to get to net zero. We believe the planet needs everyone working together on this vital cause, and that supporting companies to transition to a more sustainable future means we can all get there faster.," said Frederic Baudry, president of BP Australia.
"Forming strong strategic partnerships with leading companies like Qantas is an important way to achieve our shared goals and we are proud that BP is working to provide decarbonisation solutions for customers in Australia," Baudry added.
Shares in BP were down 1.2% at 273.75 pence on Friday afternoon in London.
By Dayo Laniyan; [email protected]
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