Equinor Powers Up Empire Wind 1 Project With Financing Package: Details

Equinor ASA EQNR shares are gaining on Thursday. The energy company has secured over $3 billion in project financing for its Empire Wind 1 offshore wind project.

Financial close was achieved at the end of December 2024. The Empire Wind 1 project, expected to power 500,000 New York homes, will commence commercial operations in 2027. The project, spanning 80,000 acres and located 15-30 miles southeast of Long Island, will become the first offshore wind project connected to the New York City grid.

The total capital investment for the project, including South Brooklyn Marine Terminal redevelopment costs, is estimated at $5 billion.

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Equinor, which acquired the Empire Wind lease in 2017, plans to bring in a new partner to farm down its stake in the project.

It is being developed in two phases, Empire Wind 1, with a capacity of 810 MW, and Empire Wind 2, with a potential capacity of more than 1,200 MW.

In April 2024, Equinor took full ownership of the Empire Wind lease and projects, and BP took full ownership of the Beacon Wind lease and projects through a cash-neutral swap transaction.

In an unrelated development, Equinor recently completed transactions to exit its upstream businesses in Azerbaijan and Nigeria, with an estimated total consideration of up to $2 billion which is expected to positively impact cash flow for the fourth quarter of 2024.

Also, the company discovered a new oil field 17 kilometers west of the Troll field in the North sea, with estimated reserves ranging between 2 and 12 million barrels of oil equivalent.

Price Action: EQNR shares are trading higher by 3.10% at $24.43 on last check Thursday.