NEWS

The award is an important milestone for the advancement of the project, which can deliver 810 megawatts (MW) of renewable energy to New York. An already highly mature offshore wind project, Empire Wind 1 targets to deliver first power to New York in 2026.

Equinor and NYSERDA will now negotiate an Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreement, with contract execution expected within Q2 2024.

“Today’s award is an important milestone in our continued efforts to maximize value creation from Empire Wind 1, currently one of the biggest and most mature renewables projects in the US. The award represents an important contribution to New York’s climate ambitions from a large-scale project in a growth market that has demonstrated a strong commitment to offshore wind. We are working diligently to bring the project to an investment decision during the third quarter of this year. With the use of project financing, we currently expect our US East Coast offshore wind investments to deliver full-cycle nominal equity returns within the range of 12-16%. We intend to farm down to a new partner at the right time to further enhance value and reduce our exposure,” said Pål Eitrheim, executive vice president of Equinor Renewables.