Equinor Secures $3 Billion for Empire Wind 1 Offshore Wind Farm

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Equinor secured over $3 billion in project financing for Empire Wind 1. This offshore wind farm is located off New York’s coast. Achieving financial close in December 2024, this milestone advances renewable energy initiatives. The $3 billion will propel the 810MW project towards completion in 2027. It will generate clean energy for 500,000 New York City households.

Empire Wind 1 to Power New York City Grid

Empire Wind 1, located 24-48 km southeast of Long Island, spans 80,000 acres. Upon completion, it will connect to the New York City grid. This wind farm will support New York’s renewable energy strategy. It will help the state meet climate and energy goals.

Economic Investment and Job Creation Expected

Total investments for Empire Wind 1 will reach $5 billion. This includes South Brooklyn Marine Terminal (SBMT) redevelopment costs. The project will create 1,000+ union jobs during construction. It will also support 300 local companies. The project will generate long-lasting economic growth. This will contribute to New York’s green economy.

Strategic Partnerships and Ownership Restructuring

Equinor signed a 25-year agreement with NYSERDA for electricity supply. BP, which acquired a 50% stake in 2020, agreed to a cash-neutral swap in April 2024. Equinor now has full ownership of Empire Wind. BP assumed ownership of Beacon Wind.

SBMT to Serve as Operational Hub

The South Brooklyn Marine Terminal (SBMT) will be redeveloped. It will serve as the wind farm’s operations and maintenance hub. It will house the onshore substation. This facility will ensure operational efficiency and long-term success.

Future Expansion Plans Underway

Empire Wind 1 is part of a larger renewable energy development. Empire Wind 2 will generate an additional 1.2GW. It will further bolster New York’s energy infrastructure. Equinor plans to farm down part of its stake to manage risk. SuperMetalPrice reports this project is a critical element in the regions renewable energy infrastructure development.