Equinor has secured a project financing package of more than USD 3 billion for its Empire Wind 1 project, marking a significant milestone as the project reached financial close at the end of December 2024. The wind farm, located 15-30 miles southeast of Long Island, is expected to power 500,000 homes in New York and contribute to the state's renewable energy goals.

With a total investment of approximately USD 5 billion, Empire Wind 1 will feature a contracted capacity of 810 MW, making it the first offshore wind project to connect to the New York City grid. The project is set to begin commercial operation in 2027, creating more than 1,000 union jobs during construction.

Jens Økland, acting executive vice president for Renewables at Equinor, highlighted that the financial close supports the company's strategy of enhancing value and reducing exposure. The South Brooklyn Marine Terminal is also being redeveloped as part of the project, with Molly Morris, senior vice president for Renewables in the Americas, emphasizing the economic growth and energy security it will bring to the region.

Equinor aims to reduce its exposure in the project through a partnership with another investor, ensuring continued value creation for the project while enhancing the U.S. offshore wind industry.