BP takes $1.1bn stake in offshore wind farms as it agrees Equinor deal

BP has taken its first major step into the offshore wind industry with the purchase of a $1.1bn (£850m) stake in two US offshore wind projects being developed by Norwegian state oil company Equinor. The oil companies will also team up to develop more windfarms off the coast of the US after agreeing a strategic partnership to help corner the fast-growing market for offshore wind . Bernard Looney, BP’s chief executive, described the deal as “an important early step” in the delivery of BP’s new climate ambitions, which include a goal to develop 50GW of renewable energy by 2030. “It will play a vital role in allowing us to deliver our aim of rapidly scaling up our renewable energy capacity, and in doing so help deliver the energy the world wants and needs,” he said. BP’s move into the offshore wind industry, which is currently growing at about 20% a year, has emerged after the oil company unveiled new plans to shift away from fossil fuels and towards low carbon energy within the next decade. The company set out plans last month to grow its low-carbon investments eightfold by 2025, and tenfold by 2030, while cutting its fossil fuel […]

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