- Equinor secured $3 billion in financing for the Empire Wind 1 project, which will power 500,000 homes by 2027.
- The project will deliver 810 MW of offshore wind energy to New York City, and the total investment is estimated at $5 billion.
- Empire Wind 1 will create over 1,000 union jobs during construction and support U.S. energy goals of reducing carbon emissions and reliance on fossil fuels.
Equinor secured $3 billion in financing for its Empire Wind 1 offshore project, located off the coast of New York, finalised in December 2024. The project will power 500,000 homes by 2027.
Covering 80,000 acres near Long Island, Empire Wind 1 will deliver 810 megawatts (MW) of offshore wind energy to New York City’s power grid. The $3 billion financing highlights growing investor confidence in U.S. renewable energy. Specialised lenders joined forces to offer favourable terms, with total project investment reaching $5 billion. This includes the costs of using the South Brooklyn Marine Terminal (SBMT) for staging and assembly.
Empire Wind 1 supports U.S. energy goals by diversifying sources and cutting fossil fuel dependence. Under a 25-year power purchase agreement (PPA) with the New York State Energy Research and Development Authority (NYSERDA), Equinor will sell wind energy at a fixed price of $155 per megawatt-hour (MWh). This agreement underscores the project’s key role in New York’s energy transition.
Beyond clean energy, Empire Wind 1 will drive economic growth in the region. The renovation of the South Brooklyn Marine Terminal will create over 1,000 union jobs during construction, reflecting the project’s commitment to strengthening the local workforce and creating social and economic benefits.
From an energy perspective, Empire Wind 1 addresses key U.S. priorities by boosting energy security, reducing carbon emissions, and supplying renewable power to densely populated areas. The project remains scheduled for commissioning in 2027 and will likely set a precedent for future U.S. offshore wind investments.
Equinor aims to reduce its financial exposure by seeking a strategic partner to enhance project value. This move reflects the rising trend of shared investments in renewable projects to maximise returns and reduce risk.
Empire Wind 1 marks a significant leap for U.S. offshore wind energy. Providing clean power to one of the nation’s largest cities strengthens the U.S.’s role in the global transition to renewable energy. With financing in place, the project advances toward becoming a central part of the country’s energy future.