Share this article Norway’s Equinor says it has closed its previously disclosed agreement with BP to sell 50 percent stakes in its Empire Wind and Beacon Wind projects, located offshore Massachusetts and New York, respectively, for $1.1 billion. The transaction is the first step in Equinor’s strategic partnership with BP in the burgeoning U.S. offshore wind market. The agreement also marks BP’s first venture into offshore wind as the petroleum giant transitions its business to include more renewable energy sources. Equinor will remain operator in both projects through the development, construction and operations phases. In January, Equinor and BP were selected to develop two large offshore wind farms off New York State in what was said to be one of the largest renewable energy procurements in United States’ history.