NEW YORK and LONDON, February 1, 2021: Morgan Lewis represented bp in finalizing the company’s strategic US offshore wind partnership with Equinor, including bp’s $1.1 billion purchase from Equinor of a 50% interest in two major lease areas off the US East Coast. The new partnership completes bp’s entry into the fastest growing renewable energy sector.
The new lease areas will develop up to 4.4 gigawatts through two projects: Empire Wind and Beacon Wind. This completion follows the recent announcement of the Empire 2 and Beacon 1 projects being awarded the largest US offshore wind renewable energy certificate (OREC) award to date from the New York State Energy Research and Development Authority, increasing the impact of these developments. The transaction also involved the creation of a joint venture agreement between bp and Equinor for the development and investment into future US offshore wind projects.
A multinational oil and gas company headquartered in London, bp is working to reimagine energy. Equinor is an energy company developing oil, gas, wind, and solar energy in more than 30 countries.
Morgan Lewis partners James Tynion, Laura Neumeister Wright, Steven Navarro, and Andrew Mariniello, and associates Melanie Campbell, Raphaelle Debenedetti, Peter Fulweiler and Jon Wilcon, advised bp in this matter, with support from partners Ella Foley Gannon, Dan Carmody, Don Shelkey and Dan Skees. The firm continues to advise bp in other matters.