Equinor and BP exchange ownership of offshore wind projects in New York
Equinor has agreed to a swap transaction with BP, resulting in a significant reshuffle of ownership of several offshore wind projects in New York State. The deal will see Equinor take full control of Empire Wind’s lease and projects, while BP will take full ownership of Beacon Wind’s lease and projects. This transaction involves Equinor acquiring 100% ownership of Empire Offshore Wind Holdings LLC and, under certain conditions, acquiring BP’s half interest in the South Brooklyn Marine Terminal (SBMT) lease. In the meantime, BP will acquire Beacon Wind Holdings LLC and the associated project company and thus become the operator of the Beacon Wind projects.