Empire Wind 1 — 810 MW offshore wind farm, 54 turbines, 15-30 miles SE of Long Island, NY. First offshore wind project connecting directly to NYC grid.
Largest US offshore wind project financing to date. Financial close December 2024. 25-year NYSERDA OREC contract at $155/MWh. Will power 500,000 NY homes. COD expected 2027. Equinor took full ownership from bp in April 2024 via cash-neutral swap. Lender names not publicly disclosed — described as experienced sector lenders and Equinor relationship banks.
$3.00B
Deal Value
810MW
Capacity
Offshore Wind
Technology
NY
Location
Deal Details
Capital Structure
$5.00B
Total transaction value
Tranches
- Project finance debt (senior project financing package)
- $3.00B
Service Providers
Advisory & Legal
- borrowerCounsel
- Milbank LLP
Finance Counterparties
Lenders & Capital Providers
- debtSyndicate
- Undisclosed (experienced sector lenders + relationship banks)
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