BP finalises purchase & sale agreement for New York offshore wind farm

(Alliance News) - BP PLC on Friday said that it has cleared a hurdle in advancing plans for an ...

Alliance News 14 January, 2022 | 7:18PM
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(Alliance News) - BP PLC on Friday said that it has cleared a hurdle in advancing plans for an offshore wind farm for New York, alongside Stavanger, Norway-based energy firm Equinor.

The oil major said that it has finalised the purchase & sale agreements with the New York State Energy Research & Development Authority for Empire Wind 2 and Beacon Wind 1.

The finalisation of the PSAs concludes the contracts awarded in January last year, 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 US to date".

Once completed, the projects will produce enough electricity to power about two million New York homes.

"These are world class assets and we are moving quickly and safely to get them producing the energy people need in the way that they want it – all the while creating positive ripple effects for the surrounding communities and industry. Today's milestone is a critical step forward and we will continue to work hard to deliver the Empire Wind and Beacon Wind projects, providing clean energy and stable returns for decades to come," said BP's senior vice president for zero carbon energy, Felipe Arbelaez.

BP shares closed up 0.8% at 386.80 pence each in London on Friday.

By Greg Roxburgh; gregroxburgh@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
BP PLC 427.85 GBX 1.00

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