Equinor secures financing for Empire Wind 1 project in the US

David Boulder · January 2, 2025 · 2 min read

Norwegian energy company Equinor (EQNR) announced Thursday that it has secured a financing package in excess of $3 billion for its Empire Wind 1 offshore wind project in the United States. This key project is expected to make a significant contribution to New York's ambitious renewable energy goals.

Investment of over $5 billion

According to a statement from Equinor $EQNR, the total capital investment, including South Brooklyn Marine Terminal user fees, is expected to reach approximately $5 billion. This amount includes the impact of future tax credits made possible by the project. The South Brooklyn Marine Terminal is intended to be one of the key logistics centers for the construction and operation of wind farms on the U.S. East Coast.

Strategic partnership to reduce risks

Equinor also said it plans to find a new partner to which it can sell a portion of Empire Wind 1. The move should help increase the value of the project and reduce financial risk for the company. In addition, working with another investor may bring new experience and resources to accelerate the project's implementation.

Renewable energy for New York

Empire Wind 1 is designed to produce enough energy to power 500,000 homes in New York City. The project is expected to be commercially operational in 2027, a major step toward meeting the state's environmental and energy goals. New York is one of the leaders in the U.S. in promoting renewable energy, and Empire Wind 1 will be one of the most significant projects in this area.

The future of wind energy

Empire Wind 1 is part of Equinor's broader strategy to develop offshore wind energy around the world. The company has a long-standing commitment to contributing to the reduction of greenhouse gas emissions and assisting the global energy transition. This project demonstrates how collaboration between the public and private sectors can deliver innovative clean energy solutions.

Equinor is continuing its mission to become a major player in the renewable energy field while bringing economic and environmental benefits to the regions where it operates.

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