Norway-based energy company Equinor announced today that it has secured a project financing package in excess of $3 billion for the Empire Wind 1 project, reaching financial close for the 80,000 acre wind project off the coast of New York.

Located 24 – 48 kilometers Southeast of Long Island, Empire Wind 1 is anticipated to be the first offshore wind project to connect into the New York City grid, powering 500,000 homes, with a contracted capacity of 810 MW. The project is already under construction and is expected to reach commercial operation in 2027.

Molly Morris, President of Equinor Renewables Americas, said:

“Today’s financial close maintains the momentum we have built toward bringing a significant new source of power to the grid that will strengthen US energy security and build economic growth.”

The Empire Wind lease was awarded to Equinor in 2017, and in 2020, the company sold a 50% interest in the lease, alongside a 50% interest in the Beacon Wind lease offshore of Massachusetts. In 2024, Equinor took full ownership of the Empire Wind lease, in a swap transaction that gave bp full ownership of the Beacon assets. In June 2024, Equinor and the New York State Energy Research and Development Authority (NYSERDA) executed a 25-year purchase and sale agreement (PSA) for power from Empire Wind 1 with a $155/MWh strike price.

Equinor said that it was able to secure competitive terms for the new financing, due to strong interest from lenders. The company expects total capital investments for the project to reach approximately $5 billion, including fees for the use of the South Brooklyn Marine Terminal (SBMT), which will serve as the operations and maintenance hub for Empire Wind 1, becoming the largest dedicated port facilities for offshore wind in the U.S. as part of the project.

Jens Økland, Acting Executive Vice President for Renewables at Equinor, 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.”