Equinor secures financing for Empire Wind 1 project in the US

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…