Equinor Secures $3 Billion in Project Financing for Empire Wind 1

Equinor has secured over $3 billion in project financing for its Empire Wind 1 project, marking a significant milestone in U.S. offshore wind development.

The project, which reached financial close in December 2024, will power 500,000 New York homes when it becomes commercially operational in 2027.

Located 15-30 miles southeast of Long Island and spanning 80,000 acres, Empire Wind 1 will be the first offshore wind project to connect directly to New York City’s power grid. The project’s total capital investments are expected to reach approximately $5 billion, including fees for the South Brooklyn Marine Terminal (SBMT) and anticipated tax credits.

“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,” said Molly Morris, senior vice president for Renewables in Americas.

The project secured favorable terms due to strong interest from lenders, including experienced sector players and Equinor’s relationship banks. Under a 25-year Purchase and Sale Agreement with the New York State Energy Research and Development Authority, the power will be sold at a strike price of $155.00/MWh.

Onshore construction at the South Brooklyn Marine Terminal (SBMT) is already in progress. The SBMT will serve as the primary staging and assembly area for Empire Wind 1.

The project is creating more than 1,000 union jobs during the construction phase.

Equinor, which has owned the Empire Wind lease area since 2017, plans to bring in a new partner to “enhance value and reduce exposure” in the project. The company aims to deliver first power by the end of 2026, marking a crucial step forward in New York’s renewable energy transition.