Equinor Secures $3 Bln Financing for U.S. Empire Wind 1 Project

(Reuters) – Norway’s Equinor said on Thursday it had secured a financing package of more than $3 billion for its Empire Wind 1 offshore wind power project in the United States.

The company expects the total capital investments, including fees for the use of the South Brooklyn Marine Terminal, to be around $5 billion, including the effect of future tax credits, it said in a statement.

Equinor intends to farm down in the Empire Wind 1 project to a new partner to further enhance value and reduce exposure, it added.

Empire Wind 1 will power 500,000 New York homes and is expected to reach its commercial operation date in 2027, according to Equinor.

 

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