In a sign that lenders have not soured on U.S. offshore wind, Equinor reports that its Empire Wind 1 project has now secured a project financing package of over $3 billion. Financial
South Brooklyn Matine Terminal. [Photo: Equinor]
In a sign that lenders have not soured on U.S. offshore wind, Equinor reports that its Empire Wind 1 project has now secured a project financing package of over $3 billion. Financial close was reached at the end of December 2024.
Equinor says that, due to strong interest from lenders, the Empire Wind 1 project was able to secure competitive terms and that the final group of lenders includes some of the most experienced lenders in the sector along with many of Equinor’s relationship banks.
Empire Wind 1 will power 500,000 New York homes and is expected to reach its commercial operation date in 2027.
The expected total capital investments, including fees for the use of the South Brooklyn Marine Terminal (SBMT), are approximately $5 billion including the effect of expected future tax credits (ITCs).
Equinor acquired the Empire Wind lease area in 2017.
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