Equinor and BP have agreed to swap ownership of their joint offshore wind projects in the US, Empire Wind and Beacon Wind, with Equinor set to gain full ownership of the Empire Wind 1 and 2 projects. The Norwegian energy company will acquire BP’s 50% stake in the Empire wind projects, while the Norwegian company will gain its 50% interest in the Beacon Wind projects. BP will acquire Equinoor’s 50% ownership in the South Brooklyn Marine Terminal (SBMT) and the Astoria Gateway for Renewable Energy (AGRE) site. The agreement is intended to assist each company in streamlining their development strategies, enhancing their positions in US offshore wind market, and sustaining their commitment to the energy transition. The transaction is expected to be completed around mid-2024.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
