Equinor and BP achieve key step in advancing offshore wind for New York.
Equinor and BP announced the finalization of the Purchase and Sale Agreements with the New York State Energy Research and Development Authority, for Empire Wind 2 and Beacon Wind 1. The PSAs set the terms under which these projects will supply homegrown, renewable power to New York and inject significant economic investments into the state’s economy. The finalization of the PSAs concludes the contracts awarded in January 2021, when Equinor and BP were selected to provide New York State with offshore wind power in one of the largest renewable energy procurements in the U.S. to date.
“Today’s announcement sets Equinor and BP on the path to provide over 3.3 gigawatts (GW) of offshore wind power for New York. It also offers a large-scale, tangible demonstration of the incredible economic activity and carbon reduction potential being driven by New York’s green energy transition,” said Siri Espedal Kindem, President of Equinor Wind US. “We are proud to help lead the growth of this exciting industry in New York.”
The offshore wind projects on the US east coast are key building blocks to deliver on Equinor’s ambition to install 12-16 GW of renewables capacity by 2030. Equinor expects to deliver these projects within the return guidance communicated at the last Capital Markets Update in June 2021. The completion of the PSA represents a major milestone and enables the start of project execution for the Equinor- BP partnership.
Once completed, Equinor and BP’s portfolio of active offshore wind projects (Empire Wind 1, Empire Wind 2 and Beacon Wind 1) will produce enough electricity to power about 2 million New York homes, and will help generate more than $1 billion in economic output to New York State. This includes investments in ports and infrastructure that will reinforce New York’s position as the regional offshore wind industry hub—and a leading example of economic activity driven by the energy transition.
Empire Wind is located 15-30 miles southeast of Long Island and spans 80,000 acres, with water depths of between 65 and 131 feet. The lease was acquired in 2017 and is being developed in two phases (Empire Wind 1 and 2) with a total installed capacity of more than 2 GW (816 + 1,260 MW). Beacon Wind is located more than 60 miles east of Montauk Point and 20 miles south of Nantucket and covers 128,000 acres. The lease was acquired in 2019 and has the potential to be developed with a total capacity of more than 2 GW. This first phase will have an installed capacity of 1,230 MW.
Equinor is one of the largest offshore wind developers in the U.S., where it operates two lease areas, Empire Wind and Beacon Wind. Together, Empire Wind 1, Empire Wind 2 and Beacon Wind 1 will provide New York State with 3.3 gigawatts (GWs) of energy —enough to power nearly two million homes—including more than 2 GWs from Empire Wind 1 and 2 and 1,230 megawatts from Beacon Wind 1.