Equinor has reached an important milestone in the development of renewable energy in the United States with the financial close of its Empire Wind 1 project. Located 15 to 30 miles southeast of Long Island, New York, the offshore wind initiative secured over $3 billion in project financing as of December 2024. Tax credits included in the total capital investment for the project are estimated at $5 billion. It is a key step in Equinor’s commitment to deliver clean energy and foster economic growth in the region.
Empire Wind 1 is going to be a landmark part of New York’s renewable energy landscape. Once it is operational in 2027, the wind farm will produce 810 megawatts of power, enough to power 500,000 New York homes. It will be the first offshore wind farm to connect to the New York City grid, bolstering U.S. energy security and reinforcing the nation’s clean energy goals. Equinor’s acting EVP for Renewables, Jens Økland, described the financial close as a significant milestone, in alignment with the company’s strategy of enhancing value and reducing risk. “This is an important milestone for Equinor, in line with our plan to enhance value and reduce exposure in the Empire Wind 1 project,” he said.
The project achieved financial success thanks to strong lender confidence and favorable financing terms. Equinor emphasized the presence of experienced lenders and key relationship banks in winning favorable terms on the $3 billion financing package. The firm also intends to farm down the project to a new partner in order to maximize value and lower risk exposure.
Empire Wind 1 is one of the innovation contributions of renewable energy, but it is also the kickoff point for economic and environmental development. In fact, as part of the project, the redevelopment of the South Brooklyn Marine Terminal has already created over 1,000 union jobs during construction. As the redevelopment works further enhance the development of a strong domestic supply chain, it demonstrates Equinor’s focus on economic development and the development of a domestic supply chain for renewable energy solutions. Molly Morris, SVP for Renewables in the Americas, highlighted the bigger picture of the project when she said, “Empire Wind 1 will strengthen U.S. energy security, build economic growth, and fuel a new American supply chain.”
Not only will it serve an economic need but it represents an important stride for the move toward sustainable energy. By offering clean, renewable energy to New York, Empire Wind 1 fulfills New York state and federal clean energy mandates. Also, the project reaffirms Equinor’s goals to establish efficient, safe sources of domestic energy. Its business model incorporates strategic application of tax credits and partner engagement in ensuring effective realization of its objectives from this project.
The project is also likely to redefine the U.S. offshore wind industry. The integration of Empire Wind 1 into the New York City grid establishes a precedent for future offshore wind farms, which will be seen as viable and scalable. This also underscores the potential of offshore wind as a key contributor to the nation’s energy mix.
In relation to the overall project, as the construction continues to progress, wider implications of Empire Wind 1 become more relevant. The model project for equating economic growth with environmental conservation, it clearly depicts how renewable energy can bring job opportunities and contribute to community investments. In addition, its strong focus on safety and efficiency for advancing U.S. energy solutions places Equinor at a leading position in the renewable energy sector.
Empire Wind 1 is more than an infrastructure project; it is a symbol of innovation and collaboration. By bringing together stakeholders from the public and private sectors, Equinor is opening the door to a cleaner, more sustainable energy future. With its strategic vision and commitment to excellence, the company is well-positioned to transform the renewable energy landscape in the United States and beyond.