Today, Equinor announced that it had secured over $3 billion in financing for its Empire Wind 1 offshore wind project in the United States.
The Norwegian company’s total capital investments, including terminal fees, are expected to reach around $5 billion with future tax credits. Empire Wind 1 will power 500,000 New York homes and aims to start operations in 2027.
Today, Jens Økland, acting executive vice president for Renewables in Equinor, told investors, “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,” said Jens Økland, acting executive vice president for Renewables in Equinor.
“Today’s financial close maintains our momentum toward bringing a significant source of power to the grid. Empire Wind 1 will strengthen US energy security, build economic growth and fuel a new American supply chain,” said Molly Morris, senior vice president for Renewables in Americas. “Our redevelopment of the South Brooklyn Marine Terminal is already putting more than 1,000 people to work. Equinor is proud to play a part in advancing domestic energy solutions safely, efficiently, and for the long term.”
By CEO NA Editorial Staff
