<p>New York Governor Ms Kathy Hochul and US Representative Paul Tonko, Equinor and bp announced the finalization of the Purchase and Sale Agreements with the New York State Energy Research and Development Authority, for Empire Wind 2 and Beacon Wind 1. The PSAs set the terms under which these projects will supply homegrown, renewable power to New York and inject significant economic investments into the state’s economy.</p><p>The finalization of the PSAs concludes the contracts awarded in January 2021, 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 U.S. to date.</p><p>Once completed, Equinor and bp’s portfolio of active offshore wind projects (Empire Wind 1, Empire Wind 2 and Beacon Wind 1) will produce enough electricity to power about 2 million New York homes, and will help generate more than $1 billion in economic output to New York State. This includes investments in ports and infrastructure that will reinforce New York’s position as the regional offshore wind industry hub—and a leading example of economic activity driven by the energy transition.</p><p>The offshore wind projects on the US east coast are key building blocks to accelerate profitable growth in renewables and our ambition to install 12-16 GW of renewables capacity by 2030. Equinor expects to deliver these projects within the return guidance communicated at the last Capital Markets Update in June 2021.</p>
<p>New York Governor Ms Kathy Hochul and US Representative Paul Tonko, Equinor and bp announced the finalization of the Purchase and Sale Agreements with the New York State Energy Research and Development Authority, for Empire Wind 2 and Beacon Wind 1. The PSAs set the terms under which these projects will supply homegrown, renewable power to New York and inject significant economic investments into the state’s economy.</p><p>The finalization of the PSAs concludes the contracts awarded in January 2021, 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 U.S. to date.</p><p>Once completed, Equinor and bp’s portfolio of active offshore wind projects (Empire Wind 1, Empire Wind 2 and Beacon Wind 1) will produce enough electricity to power about 2 million New York homes, and will help generate more than $1 billion in economic output to New York State. This includes investments in ports and infrastructure that will reinforce New York’s position as the regional offshore wind industry hub—and a leading example of economic activity driven by the energy transition.</p><p>The offshore wind projects on the US east coast are key building blocks to accelerate profitable growth in renewables and our ambition to install 12-16 GW of renewables capacity by 2030. Equinor expects to deliver these projects within the return guidance communicated at the last Capital Markets Update in June 2021.</p>
