- GE-BOND consortium between General Electric Co (NYSE:GE) GE Renewable Energy's Grid Solutions and New York-based BOND Civil & Utility Construction has secured an EPC contract from Empire Offshore Wind to supply a digital onshore substation for Empire Wind 1 offshore wind farm project in New York. Financial terms were not disclosed.
- Empire Offshore Wind is a joint venture between Equinor ASA (NYSE:EQNR) and BP plc (NYSE:BP).
- Once operational, the Empire Wind 1 project will generate enough power to meet the electricity needs of 500,000 New York homes.
- The GE-BOND consortium will be responsible for delivering the onshore substation and interconnection cable in Brooklyn, New York City, and designing and supplying the high-voltage electrical systems for the offshore substation.
- Development of the onshore and offshore substations will start in 2022, with construction expected to begin during the second half of 2023.
- Price Action: GE shares are trading lower by 0.08% at $94.75, BP lower by 0.25% at $29.73, and EQNR lower by 0.34% at $36.29 on the last check Tuesday.
