Empire Wind 1 has closed a US$3 billion loan for the first offshore wind project to plug directly into the New York City grid.

Construction has already begun. Empire Wind 1 is located 24-48 kilometres southeast of Long Island and spans 80,000 acres. With a contracted capacity of 810 megawatts, it will be the first offshore wind project to connect into the New York City grid, consisting of 54 wind turbines.

The redevelopment of the South Brooklyn Marine Terminal and construction of Empire Wind 1 are expected to create more than 1,000 union jobs during the construction phase. Commercial operation is scheduled for 2027.

The total capital investment for the project, including fees for the use of the South Brooklyn Marine Terminal, is estimated to reach US$5 billion. It also takes into consideration the effect of expected future tax credits.

Equinor acquired the Empire Wind lease area in 2017. In June 2024, the company announced the execution of a purchase and sale agreementt with the New York State Energy Research and Development Authority for 25 years.

The energy company, based in Stavaner, Norway, intends to sell down a stake in the Empire Wind 1 to a new partner to further enhance value and reduce exposure.