Equinor has secured $3 billion to finance New York’s Empire Wind 1 offshore wind farm, which is able to present energy for 500,000 houses when it comes on-line in 2027. It’s set to change into 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.” Nonetheless, nothing tangible has but to return out of that marketing campaign discuss, and Equinor and its lenders are clearly assured that Empire Wind 1 will likely be round loads longer than Trump will.
Equinor writes, “Resulting from sturdy curiosity from lenders, the Empire Wind 1 venture was capable of safe aggressive phrases. The ultimate group of lenders consists of a number of the most skilled lenders within the sector together with a lot of Equinor’s relationship banks.”
The Norwegian power large says the venture’s anticipated complete 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 an excellent chunk of that complete.
“[This] monetary shut maintains our momentum towards bringing a major supply of energy to the grid. Empire Wind 1 will strengthen US power safety, construct financial development, and gas a brand new American provide chain,” stated Molly Morris, Equinor’s senior vice chairman for renewables in Americas.
Building is already underway on Empire Wind 1, positioned 15-30 miles southeast of Lengthy Island and masking 80,000 acres. The venture 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 part.
The South Brooklyn Marine Terminal will change into the US’s largest devoted port facility for offshore wind. It can function the operations and upkeep hub for Empire Wind 1 and would be the website of its onshore substation.
Learn extra: A significant US offshore wind hub simply broke floor in New York Metropolis
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