Photo: Lance King/Getty Images

BP is making its first move into offshore wind via a new deal and partnership with Norway-based Equinor, which is developing big U.S. projects.

Driving the news: BP is paying Equinor $1.1 billion for a 50% stake in wind farms Equinor is developing off the coasts of New York and Massachusetts. The oil-and-gas companies — which are both making more moves into renewables — also announced a "strategic partnership" to jointly pursue other U.S. offshore projects.

Why it matters: It's a sign of BP's pledge to speed up its diversification into low-carbon technologies and shrink its fossil fuel business — which currently dominates its portfolio — over the long term.

  • As part of the climate plans rolled out last month, BP said it hopes to develop 50 gigawatts of renewable generating capacity by 2030, which is 20 times its 2019 level.
  • The projects Equinor is developing in the regions off Massachusetts and New York will have a potential combined generating capacity of 4.4 GW, enough to power over 2 million homes, the companies said.

The big picture: The move also shows interest in the fledgling U.S. offshore wind market, which has been very slow to develop (there's just one small project in operation) but is now attracting lots of capital.

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Ben Geman, author of Generate
Oct 21, 2020 - Energy & Environment

A big renewables deal: Iberdrola's Avangrid to buy PNM Resources

Illustration: Sarah Grillo/Axios

Avangrid, a subsidiary of Spanish energy giant Iberdrola, is buying the big New Mexico-based power company PNM Resources in a $4.3 billion deal.

Why it matters: The companies said the deal, valued at $8.3 billion including debt, will form the third-largest renewable power company in the United States.

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A skeleton is placed at a restaurant table in Rome to protest Italy's restrictions that'll see gyms, movie theaters and pools close and bars and restaurants required to shut by 6 p.m. until at least Nov. 24. Photo: Antonio Masiello/Getty Images

Restrictions are returning across much of Europe as the continent faces a second coronavirus wave.

The big picture: Spain and France each surpassed 1 million cases last week, and both countries have implemented further restrictions on citizens. Italian officials announced strict new measures, effective Monday, to combat another cases spike. From Denmark to Romania, take a look at what steps countries have been taking, in photos.