Equinor secures $3 billion for New York’s Empire Wind 1

NEW YORK CITY, January 2, 2025 – Equinor has reached financial close on the Empire Wind 1 project in the USA, securing a financing package of over USD 3 billion, the company said on Thursday.

The 810-MW mega-project, located off New York City, is expected to enter commercial operations in 2027.

Empire Wind 1 will power 500,000 New York homes with renewable energy. The project includes the transformation of the South Brooklyn Marine Terminal (SBMT) into a staging and assembly area for the project. The terminal can then serve as a hub for future offshore wind projects.

The expected total capital investments, including fees for the use of the SBMT, are approximately USD 5 billion including the effect of expected future tax credits, the company said.

The company said strong interest from lenders had allowed it to secure competitive terms.

Equinor reached an FID on its wholly owned and operated Empire Wind 1 project earlier this year and began construction.

The broader Empire Wind project will install 2.1 GW of renewable energy and power around 1 million New York homes.

In June 2024, the company reached an offtake agreement with the New York State Energy Research and Development Authority for the offtake of power from the project.

“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,” Equinor senior vice-president for renewables in the Americas Molly Morris said.

“Our redevelopment of the South Brooklyn Marine Terminal is already putting more than 1,000 people to work. Equinor is proud to play a part in advancing domestic energy solutions safely, efficiently, and for the long term.”

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