Equinor secures $3bn financing for Empire Wind 1 offshore project

Equinor has secured over $3bn in financing for its Empire Wind 1 offshore wind project, set to be the first to connect to the New York City grid. 

The project, which will power 500,000 homes in New York, is scheduled to begin operations in 2027.

Empire Wind 1, with a capacity of 810 MW, is part of a larger development that includes Empire Wind 2, which could add up to 1.2 GW. The project is located 15-30 miles southeast of Long Island and covers 80,000 acres. It will use the South Brooklyn Marine Terminal (SBMT) for turbine staging and pre-assembly.

The total capital investment for Empire Wind 1 is around $5bn, including SBMT usage fees and expected tax credits. In June 2024, Equinor entered into a 25-year power purchase agreement with the New York State Energy Research and Development Authority at a strike price of $155 per megawatt hour.

Equinor plans to divest part of the project to optimise value. The development will create 1,000 union jobs and strengthen US energy security.