EQNR - Wind Of Change: Energy Giants Equinor & BP Give Offshore Wind Power Project Deal A Second Chance | Benzinga
Equinor ASA (NYSE:EQNR) penned a swap deal with BP PLC (NYSE:BP) to take full ownership of the Empire Wind lease and projects.
As per the deal, Equinor will also take BP’s 50% share of the South Brooklyn Marine Terminal (SBMT) lease, subject to certain conditions.
Meanwhile, BP will fully own Beacon Wind Holdings LLC and the associated project company that holds the Astoria Gateway for Renewable Energy site and will become the operator of the Beacon Wind projects.
The transaction will be cash-neutral except for standard cash and working capital settlement.
The agreement allows both companies to pursue their respective priorities under their corporate strategies.
Following the deal signing, a bid was submitted for the Empire Wind 1 project in New York’s fourth offshore wind solicitation round and it has also been agreed ...