FinancingClosedDecember 31, 2024

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

Wind

Technology

NY

Location

Deal Details

Deal Type
Project Finance
Seller / Sponsor
Equinor
Buyer / Financier
Undisclosed bank syndicate
Offtaker
NYSERDA (25-year OREC at $155/MWh)
Deal Value
$3B+ (total capex ~$5B incl. ITC)
Stage
Construction
ISO/RTO
NYISO
Source
Equinor

Service Providers

Advisory & Legal

borrowerCounsel
Milbank LLP

Finance Counterparties

Lenders & Capital Providers

debtSyndicate
Undisclosed (experienced sector lenders + relationship banks)

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