Equinor has reached the financial close of its US based Empire Wind 1 project. It has secured a project financing package that exceeds $3 billion. The company acquired the Empire Wind lease area in 2017. Earlier in June 2024, it executed a 25-year Purchase and Sale Agreement (PSA) with the New York State Energy Research and Development Authority for the Empire Wind 1 project at a strike price of USD $155.00/MWh.
Furthermore, the expected total capital investment in the project is approximately $5 billion. This includes fees for utilising the South Brooklyn Marine Terminal (SBMT) and accounts for anticipated future tax credits (ITCs). Additionally, Equinor plans to farm down its stake in the project to a new partner to enhance value and reduce exposure. The project is expected to be commercially operational in 2027.
Earlier in July 2024, Equinor along with its co-developer SSE filed a Scoping Report to the Planning Inspectorate for the proposed Dogger Bank D fourth phase of Dogger Bank Wind Farm. It contained confirmation that Dogger Bank D will connect to Birkhill Wood, a projected 400kV substation in the East Riding of Yorkshire.
