Norway’s Equinor has achieved a major milestone by securing over $3 billion in financing for the Empire Wind 1 project, an ambitious offshore wind initiative located 24–48 kilometers southeast of Long Island, New York. This marks the financial close for the 80,000-acre wind farm, set to be the first offshore wind project connected to New York City's grid.

With a capacity of 810 MW, Empire Wind 1 is projected to power 500,000 homes and is expected to begin commercial operations in 2027.

A Step Forward for U.S. Energy Security

Molly Morris, President of Equinor Renewables Americas, expressed optimism:

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

The Empire Wind lease was awarded to Equinor in 2017, and following a series of transactions, Equinor took full ownership of the project in 2024. A 25-year Purchase and Sale Agreement (PSA) with NYSERDA guarantees a strike price of $155/MWh, solidifying its financial foundation.

Project Funding and Investment Details

Equinor managed to secure competitive financing terms, thanks to strong interest from lenders. The total investment for Empire Wind 1 is expected to reach $5 billion, including funds allocated for the South Brooklyn Marine Terminal (SBMT). This terminal will serve as the project’s operations and maintenance hub and is set to become the largest dedicated offshore wind port facility in the U.S.

Jens Økland, Acting Executive Vice President for Renewables at Equinor, highlighted the significance of this milestone:

"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."