The New York State Energy Research and Development Authority (NYSERDA) has completed agreements with Equinor's Empire Wind 1 and Ørsted's and Eversource's Sunrise Wind projects.
NYSERDA had awarded conditional contracts to purchase electricity from the two projects in February 2024.
With their combined capacity of 1.7GW, they are pivotal to the State's strategy to achieve 9GW of offshore wind energy by 2035.
The Empire Wind 1 and Sunrise Wind projects are set to become operational in 2026.
Empire Wind 1 will be situated 15 miles (24km) offshore New York. Sunrise Wind will be located 30 miles (48km) east of Long Island's eastern tip.
To be built with an investment of $2bn, the competitively selected projects are expected to deliver substantial economic benefits.
Over their 25-year lifespan, Empire Wind 1 and Sunrise Wind are projected to contribute more than $6bn in economic benefits across New York State.
NYSERDA president and CEO Doreen M Harris stated: “As the largest power generation projects in the state in over thirty-five years, these landmark projects, when built, will be a historic milepost in New York’s transition to a clean energy economy.
“Achieving a zero-emissions electric grid will deliver significant economic and public health benefits as well as reliability to all New Yorkers.”
Equinor has already commenced onshore construction at the South Brooklyn Marine Terminal - the beginning of tangible development for Empire Wind 1, which will be the first offshore wind farm to connect directly to the New York City grid.
The target is to deliver the first power by the end of 2026.
Equinor Renewables Americas president Molly Morris stated: “We thank NYSERDA and the state of New York for their steadfast commitment to the offshore wind industry and to achieving the state’s broader renewable energy targets.
“Empire Wind 1 is a defining project for Equinor and the agreement is an important milestone in de-risking and ensuring a robust path forward as we work toward delivering first power.”
The company is also planning to secure project financing following a final investment decision, with financial closure expected by the end of 2024.
It is looking to bring in a partner to mitigate financial exposure.
