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K2 Management advises on bp's first offshore wind venture

Jan 20 2021 | Offshore | Acquisition | Due Diligence

K2 Management delivered acquisition due diligence services in support of bp’s first step into the offshore wind market – a 50% stake in Equinor’s Empire Wind and Beacon Wind assets.

The full technical due diligence assignment saw K2 Management evaluate all technical aspects of the projects, including project design and technology, construction costs, energy yield and operations strategy.

President, Americas at K2 Management, Lars Andersen, said: “This transaction signals another positive step forward for offshore wind in the US."

"Bringing our local East Coast market knowledge together with our wealth of expertise from offshore wind in Europe, the in-depth nature of our role allowed us to provide comfort to bp on the technical aspects of these projects. I’d like to congratulate the whole team on this successful transaction.”

The Empire Wind lease area will be developed in two phases, the first of which secured an offtake agreement in New York’s first large-scale competitive offshore wind solicitation in 2019.

Beacon Wind is situated off the coast of southern New England. The lease areas have a potential installed capacity of 2GW and 2.4GW, respectively.

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