COPENHAGEN (Reuters) – Norway’s Equinor said on Thursday it has secured a financing package of more than $3 billion for its Empire Wind 1 offshore wind project in the United States.
The company expects total capital investments, including fees for use of the South Brooklyn Marine Terminal, to be approximately $5 billion, including the impact of future tax credits, the company said in a statement.
Equinor plans to outsource the Empire Wind 1 project to a new partner to further increase value and reduce exposure, it added.
Empire Wind 1 will power 500,000 homes in New York and is expected to be commercially operational in 2027, Equinor said.
