The transaction with BP is expected to result in a combined reported loss estimated to be around USD 200 million for Equinor, assuming a positive outcome of New York’s fourth solicitation.
The final investment decision for the Empire Wind 1 is expected in mid-2024, depending on the results of the solicitation.
Equinor said it intends to use project financing and to bring in a partner at the right time to enhance value and reduce ownership share and exposure.
“Empire Wind 1 is ready to deliver on New York’s climate and energy goals, with numerous permits and supplier contracts secured. The strong commitment by the state to develop this industry is reflected in the NY4 rapid rebid offering, providing an opportunity to improve value creation for the project,” said Molly Morris , senior vice president for Renewables in the Americas in Equinor.
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