British energy company BP and Norwegian Equinor will renegotiate their agreement with the US to build two wind farms off the US East Coast.

The renegotiation is to ensure a sufficient return on investment, BP’s CEO Bernard Looney told analysts, according to Reuters.

”We are in the process of renegotiating our East Coast power purchase agreement with our partner Equinor,” the CEO said on Tuesday.

BP paid USD 1.1bn to Equinor in 2020 for half of the East Coast project, which includes the Empire and Beacon wind farms, with a combined capacity of 3,300 megawatts.

”We don’t develop projects that don’t meet our return targets,” says Bernard Looney.

According to Reuters, BP’s return target should be in the range of 6-8%.

(Translated using DeepL with additional editing by Simon Øst Vejbæk)