Norway's Equinor has agreed to sell a 50 per cent stake in two US offshore wind power development projects to energy major BP for $1.1 billion, it said on Thursday.
The two companies are also establishing a strategic partnership for further growth within offshore wind in the United States, Equinor said in a statement.
The firms will consider future joint opportunities for both bottom-fixed and floating offshore wind facilities, the Norwegian firm said.
"The transaction is in line with Equinor's renewable strategy to access attractive acreage early and at scale, mature projects, and capture value," it said.
Equinor will remain the operator of the projects through the development, construction and operation phases. The deal is expected to close in early 2021, the company said.
Published 10 September 2020, 08:37 IST