Empire Wind 1 projects it will power 500,000 homes in New York by 2027. This project’s capital investments are around $5 billion. These include fees for the South Brooklyn Marine Terminal and expected tax credits.

Equinor Acquired Empire Wind Lease Area in 2017

Equinor acquired the Empire Wind lease area in 2017. In June 2024, Equinor finalized the Purchase and Sale Agreement with the New York State Energy Research and Development Authority. The agreement ensures Empire Wind 1 provides power for 25 years at a price of $155 per megawatt hour.

Equinor’s Plans for a New Partner

Equinor plans to bring in a new partner for the Empire Wind 1 New York project. This will enhance value and reduce exposure, the company said.

“This is an important milestone for Equinor, in line with our plan to enhance value and reduce exposure in the Empire Wind 1 project. As we now enter full execution mode, we continue our efforts to increase robustness and value creation in the project,” said Jens Økland, acting executive vice president for renewables at Equinor.

Empire Wind 1 Will Strengthen U.S. Energy Security

“Today’s financial close maintains our momentum toward bringing a significant source of power to the grid. Empire Wind 1 will strengthen US energy security, build economic growth and fuel a new American supply chain,” said Molly Morris, senior vice president for renewables in Americas.

Construction and Job Creation for Empire Wind 1

Equinor made the final investment decision on Empire Wind 1 earlier this year. Construction has already started. Empire Wind 1 spans 80,000 acres, located 15-30 miles southeast of Long Island. It will be the first offshore wind project to connect to the New York City grid.

Empire Wind 1 Project Secures Financing

The debt financing of Empire Wind 1 reached financial close. The project secured competitive terms due to strong lender interest. The final group of lenders includes experienced firms and many of Equinor’s relationship banks.