The Empire Wind 1 project capital investments include the usage fees of the South Brooklyn Marine Terminal. Credit: Equinor ASA.

Equinor’s Empire Wind 1 offshore wind development project in the US has secured a financing package of more than $3bn.

Empire Wind 1 will be the first offshore wind project connecting to the New York City grid. It will power 500,000 homes in New York, with a commercial operation date set for 2027.

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Equinor acquired the Empire Wind lease area in 2017. The lease area is being developed as two projects: Empire Wind 1 with 810MW capacity, and Empire Wind 2 with a potential 1.2GW capacity.

Empire Wind 1 is situated between 15 and 30 miles southeast of Long Island and covers 80,000 acres. It will use the South Brooklyn Marine Terminal (SBMT) as a staging and pre-assembly site for turbines and turbine components.

The total capital investments for Empire Wind 1, inclusive of fees for the SBMT usage, are around $5bn. This figure takes into account the anticipated future tax credits.

Equinor Renewables acting executive vice-president Jens Økland said: “This is an important milestone for Equinor, in line with our plan to enhance value and reduce exposure in the Empire Wind 1 project. As we now enter full execution mode, we continue our efforts to increase robustness and value-creation in the project.”

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In June 2024, Equinor executed a 25-year purchase and sale agreement (PSA) with the New York State Energy Research and Development Authority for the Empire Wind 1 power. The agreed strike price stands at $155.00 per megawatt hour.

Equinor has plans to divest a portion of the Empire Wind 1 project to a new partner, aiming to optimise value and minimise exposure.

The redevelopment of the South Brooklyn Marine Terminal in the New York port, along with the construction of Empire Wind 1, is expected to generate 1,000 union jobs.

Equinor Renewables in Americas senior vice-president Molly Morris said: “Today’s 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.”