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 properties when it comes on-line in 2027. It’s set to develop 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 business.
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 speak, and Equinor and its lenders are clearly assured that Empire Wind 1 shall be round loads longer than Trump will.
Equinor writes, “On account of sturdy curiosity from lenders, the Empire Wind 1 venture was capable of safe aggressive phrases. The ultimate group of lenders contains among the most skilled lenders within the sector together with lots of Equinor’s relationship banks.”
The Norwegian vitality big 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 a great chunk of that complete.
“[This] monetary shut maintains our momentum towards bringing a big supply of energy to the grid. Empire Wind 1 will strengthen US vitality safety, construct financial progress, and gasoline a brand new American provide chain,” stated 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 overlaying 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 section.
The South Brooklyn Marine Terminal will develop 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 serious US offshore wind hub simply broke floor in New York Metropolis
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