Equinor: Empire Wind 1 project financing secured

(CercleFinance.com) - Equinor announces that its Empire Wind 1 project, located off the coast of New York, has now secured over 3 billion USD in financing, with financial close reached at the end of December 2024.


Empire Wind 1 will power 500,000 New York homes and is scheduled to enter commercial operation in 2027.

Total capital expenditure, including the cost of using the South Brooklyn marine terminal, will reach around 5 billion USD, including the effect of expected future tax credits (ITC).

In 2024, a power sales agreement at 155 USD/MWh has been signed for a period of 25 years. Equinor plans to sell a share of the project to a new partner to reduce risk and increase value.

The company has begun construction of the project and aims to create over 1,000 unionized jobs.

According to Molly Morris, Senior Vice President for the Americas, this project will strengthen U.S. energy security and stimulate economic growth.


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