Morgan Lewis acted as US counsel to BP plc and its affiliates in restructuring its offshore wind venture with Equinor Wind US. Under the terms of the agreement, BP and Equinor agreed to swap their 50% interests in the two Empire Wind offshore projects situated south of New York City Harbor and in the two Beacon Wind offshore projects situated off the Massachusetts coast. After closing BP will own 100% of the two Beacon projects and related land in Astoria, Queens, and Equinor will own 100% of the two Empire projects plus rights to develop the South Brooklyn Marine Terminal into an offshore wind port facility.
Morgan Lewis represented BP when it acquired its 50% interests in the four offshore wind projects in January 2021.
Morgan Lewis partners James Tynion and Laura Neumeister Wright and associate Raphaelle Debenedetti advised BP, with tax support from partners Casey August and Sarah Brodie and associate Andreas Andrews and regulatory support from partners Dan Skees and Ella Foley Gannon.
Original source can be found here.