British oil major BP made its first foray into the offshore wind market this week, announcing a $1.1 billion spend on a 50% stake in two Equinor-owned projects in the US market, with the deal expected to close in early 2021. The projects, which are both currently fully owned by Equinor, amount to a potential capacity of around 4.4 GW and are in different stages of early development. While Equinor has paid a total of $180 million for the two leases between 2016 and 2018, the price of $250 million per GW is fairly typical for projects that have yet to be awarded permits for construction. The Empire Wind project off the coast of New York has specified an initial…