BP invests $1.1 billion in US offshore wind projects to power 2 million homes

BP is investing $1.1 billion into offshore wind power in the US through the purchase from Norway's Equinor of a 50 percent stake in the Empire Wind and Beacon Wind projects.

The projects, located off New York City and the Massachusetts coast, have the potential to power over two million American homes.

The deal is expected to be completed early next year and could pave the way for BP to further invest in the US offshore wind market.

BP CEO Bernard Looney said the acquisition is a vital early step for them into becoming an integrated energy company.

BP already has a significant onshore wind business in the US, where it employs about 14,000 people.

Equinor CEO Eldar Sætre said that combining their strengths with BP's will enable them to grow a profitable offshore wind business together in the US.

BP promises net zero emissions by 2050 and plans to increase its annual low carbon investments by 10-fold to $5 billion by 2030.

Last month, BP said it plans major investments into bioenergy, hydrogen, and carbon capture and storage while reducing its oil and gas refining portfolio. It aims to raise $25 billion over the next five years by selling assets.