BAKU, Azerbaijan, January 3. Equinor has achieved financial close for its Empire Wind 1 project in the United States, securing over $3 billion in project financing by the end of December 2024, Trend reports via the company.
The offshore wind farm, located 15–30 miles southeast of Long Island, will deliver 810 MW of clean energy, enough to power 500,000 New York homes. Commercial operations are slated to begin in 2027.
Total capital investment in the project, including future tax credits and fees for using the South Brooklyn Marine Terminal (SBMT), is estimated at $5 billion. Construction has already begun, marking a significant milestone in Equinor's efforts to bolster the growing offshore wind industry in the U.S.
In June 2024, Equinor signed a 25-year Purchase and Sale Agreement (PSA) with the New York State Energy Research and Development Authority (NYSERDA) at a strike price of $155/MWh. The agreement ensures long-term revenue stability and aligns with the industry’s evolving investment framework.
Equinor plans to farm down its stake in Empire Wind 1 to a new partner, aiming to optimize project value and reduce risk exposure. The project spans 80,000 acres and will be the first offshore wind farm to connect directly to New York City's grid.
The redevelopment of the SBMT and the construction of Empire Wind 1 are expected to create over 1,000 union jobs during the construction phase. The project has drawn strong interest from leading lenders, securing competitive financing terms. The lending group includes some of the sector's most experienced financial institutions alongside Equinor’s longstanding banking partners.
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