BP Plc agreed on Sept. 10 to pay $1.1 billion for interests in existing U.S. offshore wind developments from Norway’s Equinor ASA.

The acquisition marks BP’s entry into offshore wind and follows a new strategy that sees the British oil major accelerating its shift away from fossil fuels to achieve its ambitions of net-zero emissions by 2050.

“This is an important early step in the delivery of our new strategy and our pivot to truly becoming an integrated energy company,” BP CEO Bernard Looney said in a statement on Sept. 10. “Offshore wind is growing at around 20% a year globally and is recognized as being a core part of meeting the world’s need to limit emissions.”

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