Norwegian energy company Equinor has secured $3bn in project financing for its project to build a wind farm off the coast of New York City.
The Empire Wind 1 scheme has a completion target date of 2027, when it will begin supplying power to 500,000 homes.
The total capital investment for the scheme, including fees for the use of the South Brooklyn Marine Terminal (SBMT), is expected to rise to about $5b.
The funding was arranged with a consortium of banks, which Equinor said had experience of the sector.
The state-owned company acquired the Empire Wind lease area in 2017. In June 2024, it announced a deal with New York State Energy Research and Development Authority, which will buy power for 25 years at a price of $155/MWh.
Jens Økland, Equinor’s acting executive vice president for renewables, commented: “As we now enter full execution mode, we continue our efforts to increase robustness and value-creation in the project.”
Molly Morris, the senior vice president for renewables in the Americas, added that reaching 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”.
“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,” she said.
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