- Major funding secured: Equinor's Empire Wind 1 project has secured a $3 billion financing package and construction is already underway.
- Economic boom: The project will create 1,000 union jobs and redevelop the South Brooklyn Marine Terminal.
- Energy milestone: Empire Wind 1 will power 500,000 New York homes by 2027, strengthening America's energy security.
Financial close for Empire Wind 1
Equinor has secured over $3 billion in project financing Empire Wind 1The financing was completed in December 2024. The project's total capital investment, including tax credits, is estimated at $5 billion.
Jens Økland, Acting EVP of Renewable Energy at Equinor, said: “This is an important milestone for Equinor and is consistent with our plan to increase the value and de-risk the Empire Wind 1 project.”
Offshore wind power for New York
Located 15-30 miles southeast of Long Island, Empire Wind 1 will provide 810 MW of electricity – enough for 500,000 New York homes. The project, expected to be operational in 2027, will be the first offshore wind farm to be connected to New York's grid.
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Molly Morris, SVP of Renewable Energy Americas, said: “Empire Wind 1 will strengthen U.S. energy security, promote economic growth and power a new American supply chain.”
Economic and environmental impacts
- South Brooklyn Marine Terminal: The renovation of this facility has already created over 1,000 union jobs during the construction phase.
- US Supply Chain Support: The project promotes safe and efficient energy solutions for private households.
Equinor's strategy includes transferring the project to a new partner to increase value and reduce risk.
“Strong interest from lenders enabled us to secure competitive terms“, noted Equinor, emphasizing the participation of experienced lenders and key house banks.
Empire Wind 1 represents a major step forward for offshore wind energy in the U.S., aligning clean energy goals with economic development.
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