BP spending $1.1 billion to enter offshore wind market with Equinor

BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway's Equinor , a significant step by the oil firm towards its energy transition goals.
 

The British oil and gas company has set itself a target of increasing its renewable power generation capacity 20 fold over the coming decade to 50 gigawatts (GW)..
 

As part of the deal, BP and Equinor also agreed to form a partnership to develop other offshore wind projects in the United States, Dev Sanyal, BP's head of gas and low carbon energy, told