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March 4, 2022

Equinor and BP partner to develop New York offshore wind hub

The hub will host wind turbine generator staging and assembly activities once completed.

Norway-based energy company Equinor has signed an agreement with BP to convert New York’s South Brooklyn Marine Terminal (SBMT) complex into a regional hub for offshore wind. 

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The companies will turn the terminal into an offshore wind port to support their 3.3GW worth of offshore wind projects located on the East Coast.

The agreement was signed with the terminal operator, Sustainable South Brooklyn Marine Terminal (SSBMT), alongside the New York City Economic Development Corporation (NYCEDC).

Equinor Wind US president Siri Espedal Kindem said: “This agreement marks a major step forward in our commitment to New York State to both provide renewable power and to spark fresh economic activity while creating enduring jobs.

“With the support of NYCEDC, SSBMT and our partners in the community, Equinor and BP are ready and eager to invest in the revitalization of SBMT, an historic port that will soon become a major part of New York’s energy future.

“New York has shown unflagging determination to become a focal point of the region’s offshore wind industry, and this agreement offers tangible evidence that this vision is quickly coming to life.”

SBMT will have the capacity to host wind turbine generator staging and assembly activities.

With an investment of between $200m and $250m, BP and Equinor intend to build an operations and maintenance (O&M) hub and staging area at the terminal.

The two firms aim to develop SBMT as a low-emissions facility.

Once the project is completed, SBMT is expected to become one of the largest dedicated offshore wind port facilities in the US.

The redeveloped facility will support Equinor and BP’s Empire Wind and Beacon Wind projects, which have the combined capacity to generate 3.3GW of clean energy, which is enough to power nearly two million homes in New York.

The project is also expected to support more than one thousand jobs a year in the region.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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