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Equinor Completes US Offshore Wind Partnership Deal With BP
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Equinor ASA (EQNR - Free Report) announced that it closed the transaction with BP Plc (BP - Free Report) , wherein the latter acquired 50% of its non-operated stakes in the Empire Wind and Beacon Wind projects along the eastern coast of the United States.
Equinor will remain as the operator in the two projects throughout the expansion, construction and operational phases. Notably, the $1.1-billion deal indicates BP’s ingress into the offshore wind market as the British energy giant aims to involve more renewable energy sources in its operations.
In September 2020, both companies announced plans to form an alliance to seek subsequent development in the U.S. offshore wind market. Following this, the New York State Energy Research and Development Authority (“NYSERDA”) selected Equinor and BP to provide the State with offshore wind power in one of the largest renewable energy acquisitions in the United States.
Per the award, which is so far the biggest offshore wind award in the United States, the partnership will offer the New York State 2.5 gigawatts of renewable power through the Empire Wind 2 and Beacon Wind 1 projects. If added to the existing commitment to supply 816 megawatts from the Empire Wind 1 development, Equinor and BP will provide a total of 3.3 GW of renewable offshore wind energy to the New York State.
Notably, in 2016, Equinor was awarded the Empire Wind lease area, which is located 15-30 miles southeast of Long Island and covers about 80,000 acres of total surface area. The Empire Wind involves two developmental stages and has a potential generation capacity of 2 gigawatts (GW).
Then again, the Beacon Wind lease area has a total area of 128,000 acres and lies roughly 20 miles south of Nantucket and 60 miles east of Montauk Point. Importantly, this lease area also involves two stages of development, which once fully developed, is expected to generate 2.4 GW of renewable power. As a result, the partnership will generate up to 4.4 GW of power through the projects and plans to continue further development in the US offshore wind market.
Notably, the alliance is in line with BP’s aim to become a net-zero energy business by 2050. The companies will continue seeking new prospects in other parts of the United States and are committed to offer people the energy they need.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of the company have outperformed the industry in the past three months. The company has gained 36.7% compared with the industry’s 33.2% growth.
Shell’s earnings for 2021 are expected to increase 21.1% year over year.
PDC Energy’s earnings for 2021 are expected to increase 165.9% year over year.
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Equinor Completes US Offshore Wind Partnership Deal With BP
Equinor ASA (EQNR - Free Report) announced that it closed the transaction with BP Plc (BP - Free Report) , wherein the latter acquired 50% of its non-operated stakes in the Empire Wind and Beacon Wind projects along the eastern coast of the United States.
Equinor will remain as the operator in the two projects throughout the expansion, construction and operational phases. Notably, the $1.1-billion deal indicates BP’s ingress into the offshore wind market as the British energy giant aims to involve more renewable energy sources in its operations.
In September 2020, both companies announced plans to form an alliance to seek subsequent development in the U.S. offshore wind market. Following this, the New York State Energy Research and Development Authority (“NYSERDA”) selected Equinor and BP to provide the State with offshore wind power in one of the largest renewable energy acquisitions in the United States.
Per the award, which is so far the biggest offshore wind award in the United States, the partnership will offer the New York State 2.5 gigawatts of renewable power through the Empire Wind 2 and Beacon Wind 1 projects. If added to the existing commitment to supply 816 megawatts from the Empire Wind 1 development, Equinor and BP will provide a total of 3.3 GW of renewable offshore wind energy to the New York State.
Notably, in 2016, Equinor was awarded the Empire Wind lease area, which is located 15-30 miles southeast of Long Island and covers about 80,000 acres of total surface area. The Empire Wind involves two developmental stages and has a potential generation capacity of 2 gigawatts (GW).
Then again, the Beacon Wind lease area has a total area of 128,000 acres and lies roughly 20 miles south of Nantucket and 60 miles east of Montauk Point. Importantly, this lease area also involves two stages of development, which once fully developed, is expected to generate 2.4 GW of renewable power. As a result, the partnership will generate up to 4.4 GW of power through the projects and plans to continue further development in the US offshore wind market.
Notably, the alliance is in line with BP’s aim to become a net-zero energy business by 2050. The companies will continue seeking new prospects in other parts of the United States and are committed to offer people the energy they need.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of the company have outperformed the industry in the past three months. The company has gained 36.7% compared with the industry’s 33.2% growth.
Zacks Rank & Stocks to Consider
Equinor currently has a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Royal Dutch Shell Plc and PDC Energy, Inc , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shell’s earnings for 2021 are expected to increase 21.1% year over year.
PDC Energy’s earnings for 2021 are expected to increase 165.9% year over year.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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