The Norwegian company Equinor has reached financial close for its 810 MW Empire Wind 1 offshore wind project, located off the US States of New York and New Jersey, following the securing of a US$3bn financing package.
According to Equinor, the expected total capital investments, including fees for the use of the South Brooklyn Marine Terminal, are approximately US$5bn including the effect of expected future tax credits. Equinor received final approval from the New York State Public Service Commission to build the plant in May 2024. Empire Wind 1 will power 500,000 New York households and is expected to be operational by 2027.
The State of New York aims to develop 9 GW of offshore wind by 2035. At the federal level, the United States targets 30 GW of offshore wind by 2030 and 15 GW of floating wind capacity by 2035. At the end of 2023, the US only had 42 MW of offshore wind capacity.
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