Equinor and BP Finalize Contracts With New York State for Major Offshore Wind Projects

Equinor and BP on Friday announced they have finalized the Purchase and Sale Agreements (PSAs) with New York State Energy Research and Development Authority (NYSERDA) for the Empire Wind 2 and Beacon Wind 1 offshore wind projects.

The PSAs set the terms under which the projects will supply renewable power to New York and inject economic investments into the state’s economy.

Equinor and BP were selected by NYSERDA in January 2021 to develop two large offshore wind farms off New York State, in one of the largest renewable energy procurements in United States history. The finalization of the PSAs concludes the contracts and represents a major milestone and enables the start of project execution for the partnership.

Under the procurement award, Equinor and BP will provide 1.2 MW of power capacity each from the Empire Wind 2 and Beacon Wind 1 projects. Combined with the partnership’s Empire Wind 1 project, the projects will provide a total a 3.3 gigawatts of renewable power to the state, enough to produce electricity for about 2 million New York homes.

The projects are also expected to help generate more than $1 billion in economic output to New York State, and include investments in ports and infrastructure that will reinforce New York’s position as the regional offshore wind industry hub.

The agreement includes transforming South Brooklyn Marine Terminal into a major staging and assembly facility for the offshore wind industry, as well as an operations and maintenance base for the project’s offshore farms. Equinor also recently announced the opening of a New York project office located in Sunset Park, Brooklyn, opposite the South Brooklyn Marine Terminal. The partnership will also invest in the Port of Albany, making it America’s first offshore wind tower and transition piece manufacturing facility.

“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.”

Empire Wind will be located 15-30 miles southeast of Long Island and calls for up to 174 wind turbine generators and associated substations and subsea cables. Beacon Wind, located more than 60 miles east of Montauk Point and 20 miles south of Nantucket, is planned to include up to 122 wind turbine generators, subsea cables, and a convertor station. Both projects remain under review by the Bureau of Ocean Energy Management.

“Offshore wind is bringing unprecedented investment to New York State, and we are proud to further cement ourselves as the offshore wind hub of the nation,” said Doreen M. Harris, President and CEO, NYSERDA. “Meeting our nation-leading offshore wind goal of 9,000 megawatts by 2035 will be an essential economic driver for the state, and these projects will help transform our energy system while providing thousands of family-sustaining jobs to bolster our growing green economy.”