The company pointed out that the federal lease for Empire Wind was signed with the US federal government in 2017 and that Empire Wind 1, the first phase of the Empire Wind lease area development, has secured all necessary federal and state permits and is currently under construction.
“The project is being developed under contract with New York State Energy Research and Development Authority (NYSERDA) to provide an important new source of electricity for the State of New York. The construction phase has put more than 1,500 people to work in the US. Empire Wind 1 has the potential to power 500,000 New York homes” , Equinor stated on 17 April.
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Equinor further noted that Empire Wind has, as of 31 March 2025, a gross book value of around USD 2.5 billion (approximately EUR 2.2 billion) , including South Brooklyn Marine Terminal in Sunset Park, which is being upgraded into an offshore wind hub. The new terminal is one of the key components of the 810 MW Empire Wind 1 project as Equinor plans to build its operations and maintenance (O&M) facility there.
“Total amount drawn under the project finance term loan facility per 31 March 2025 was around USD 1.5 billion. Empire is in the process of ascertaining the impact on the project and project financing. Equinor US Holdings Inc has provided guarantees for the equity commitment in the project financing. In a full stop scenario, the USD 1.5 billion will be repaid from the equity commitment to the project finance lenders and Empire Offshore Wind LLC will be exposed to termination fees towards its suppliers” , Equinor said.
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