Equinor to take full ownership in Empire Wind through a swap transaction with bp in the US
Equinor (OSE: EQNR, NYSE: EQNR) has entered into a swap transaction with bp, under which Equinor will take full ownership of the Empire Wind lease and projects and bp will take full ownership of the Beacon Wind lease and projects.
- Equinor (OSE: EQNR, NYSE: EQNR) has entered into a swap transaction with bp, under which Equinor will take full ownership of the Empire Wind lease and projects and bp will take full ownership of the Beacon Wind lease and projects.
- Under the agreement, Equinor will take 100% ownership of Empire Offshore Wind Holdings LLC.
- Subject to closing the transaction, Equinor will take the Empire Wind projects forward on a 100% ownership basis and will continue to develop its strong offshore wind organization in the US.
- Taking 100% ownership in the Empire Wind projects and SBMT lease is expected to increase near term reported capital expenditure for Equinor.