Equinor's Empire Wind 1 project in the USA has secured a project financing package exceeding USD 3 billion, with financial close reached at the end of December 2024.
Equinor acquired the Empire Wind lease area in 2017. In June 2024, Equinor executed a Purchase and Sale Agreement (PSA) with the New York State Energy Research and Development Authority to supply Empire Wind 1 power for 25 years at a strike price of USD 155.00/MWh. Equinor plans to bring in a new partner for the Empire Wind 1 project to enhance value and reduce exposure.
Empire Wind 1, situated 15-30 miles southeast of Long Island, is expected to commence commercial operations in 2027. The total capital investment, including fees for using the South Brooklyn Marine Terminal (SBMT) and expected future tax credits (ITCs), is approximately USD 5 billion.
