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Equinor sells U.S. wind power stakes to BP for $1.1 billion

Christian Fernsby ▼ | September 10, 2020
BP has a $1.1 billion deal to buy 50% stakes in two U.S. developments from Equinor.
U.S.   Equinor
“This is an important early step in the delivery of our new strategy and our pivot to truly becoming an integrated energy company,” BP Chief Executive Bernard Looney said in a statement.

Topics: Equinor

Equinor said the two companies are establishing a strategic partnership for further growth in offshore wind in the United States, with both bottom-fixed and floating facilities.

“The transaction is in line with Equinor’s renewable strategy to access attractive acreage early and at scale, mature projects, and capture value,” it said.

Equinor, which will remain the operator of the projects through the development, construction and operation phases, said the deal is expected to close in early 2021.