Equinor has secured $3 billion to finance New York’s Empire Wind 1 offshore wind farm, which can present energy for 500,000 houses when it comes on-line in 2027. It’s set to grow to be the primary offshore wind farm to attach on to New York Metropolis’s grid.
Equinor’s January 2 announcement of the shut on the finish of December formally greenlights the 810-megawatt (MW) Empire Wind 1, considerably boosting New York’s offshore wind sector and the broader US offshore wind trade.
That’s regardless of President-elect Donald Trump saying he intends to scrap offshore wind with an government order on “day one.” Nevertheless, nothing tangible has but to come back out of that marketing campaign speak, and Equinor and its lenders are clearly assured that Empire Wind 1 shall be round so much longer than Trump will.
Equinor writes, “Because of robust curiosity from lenders, the Empire Wind 1 challenge was capable of safe aggressive phrases. The ultimate group of lenders contains a few of the most skilled lenders within the sector together with lots of Equinor’s relationship banks.”
The Norwegian power large says the challenge’s anticipated whole capital investments, together with charges for utilizing the South Brooklyn Marine Terminal, are roughly $5 billion, together with the impact of anticipated future tax credit, so $3 billion makes up a very good chunk of that whole.
“[This] monetary shut maintains our momentum towards bringing a big supply of energy to the grid. Empire Wind 1 will strengthen US power safety, construct financial progress, and gasoline a brand new American provide chain,” mentioned Molly Morris, Equinor’s senior vp for renewables in Americas.
Development is already underway on Empire Wind 1, positioned 15-30 miles southeast of Lengthy Island and protecting 80,000 acres. The challenge is already creating job alternatives, with the redevelopment of the South Brooklyn Marine Terminal (pictured above) and development of Empire Wind 1 creating greater than 1,000 union jobs within the development section.
The South Brooklyn Marine Terminal will grow to be the US’s largest devoted port facility for offshore wind. It should function the operations and upkeep hub for Empire Wind 1 and would be the web site of its onshore substation.
Learn extra: A serious US offshore wind hub simply broke floor in New York Metropolis
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