Norwegian power firm Equinor has secured $3bn in challenge financing for its challenge to construct a wind farm off the coast of New York Metropolis.
The Empire Wind 1 scheme has a completion goal date of 2027, when it is going to start supplying energy to 500,000 properties.
The full capital funding for the scheme, together with charges for the usage of the South Brooklyn Marine Terminal (SBMT), is anticipated to rise to about $5b.
The funding was organized with a consortium of banks, which Equinor mentioned had expertise of the sector.
The state-owned firm acquired the Empire Wind lease space in 2017. In June 2024, it introduced a cope with New York State Vitality Analysis and Growth Authority, which can purchase energy for 25 years at a worth of $155/MWh.
Jens Økland, Equinor’s appearing govt vp for renewables, commented: “As we now enter full execution mode, we proceed our efforts to extend robustness and value-creation within the challenge.”
Molly Morris, the senior vp for renewables within the Americas, added that reaching 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”.
“Our redevelopment of the South Brooklyn Marine Terminal is already placing greater than 1,000 individuals to work. Equinor is proud to play an element in advancing home power options safely, effectively, and for the long run,” she mentioned.
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