• Major Financing Secured: Equinor’s Empire Wind 1 project closed a $3B financing package, with construction underway.
• Economic Boost: The project will create 1,000 union jobs and redevelop the South Brooklyn Marine Terminal.
• Energy Milestone: Empire Wind 1 will power 500,000 New York homes by 2027, strengthening U.S. energy security.

Financial Close for Empire Wind 1

Equinor has secured over $3 billion in project financing for Empire Wind 1, with financial close reached in December 2024. The project’s total capital investment, including tax credits, is estimated at $5 billion.

Jens Økland, acting EVP for Renewables at Equinor, stated, “This is an important milestone for Equinor, in line with our plan to enhance value and reduce exposure in the Empire Wind 1 project.”

Offshore Wind Power for New York

Located 15–30 miles southeast of Long Island, Empire Wind 1 will deliver 810 MW of power—enough for 500,000 New York homes. The project, expected to start operations in 2027, will be the first offshore wind farm to connect to the NYC grid.

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Molly Morris, SVP for Renewables in Americas, said, “Empire Wind 1 will strengthen U.S. energy security, build economic growth, and fuel a new American supply chain.”

Economic and Environmental Impacts

• South Brooklyn Marine Terminal: Redevelopment of this facility has already created over 1,000 union jobs during construction.
• Support for U.S. Supply Chain: The project advances domestic energy solutions safely and efficiently.

Equinor’s strategy includes farming down the project to a new partner to enhance value and reduce risk.

“The strong interest from lenders allowed us to secure competitive terms,” Equinor noted, highlighting the involvement of experienced lenders and key relationship banks.

Empire Wind 1 represents a major step forward for U.S. offshore wind, aligning clean energy goals with economic development.

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