COPENHAGEN – On Thursday, Equinor (NYSE: EQNR) said it had secured a financing package of more than $3 billion for its Empire Wind 1 offshore wind power project in the United States.
In a statement, the company said that it expects total capital investments, including fees for the use of the South Brooklyn Marine Terminal, to be around $5 billion, factoring in the effect of future tax credits.
Equinor intends to farm down in the Empire Wind 1 project to a new partner to further enhance value and reduce exposure, it added.
Equinor expects Empire Wind 1 to power 500,000 New York homes and reach its commercial operation date in 2027.
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Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies. Read Full Bio
