Posted on January 7, 2025
Equinor nabbed billions in financing to build Empire Wind.
Equinor said Thursday it had secured $3 billion in financing to build Empire Wind, an offshore wind project off the coast of New York that could power 500,000 homes.
The announcement means Equinor is officially moving forward with the 810-megawatt facility as President-elect Donald Trump is poised to return to the White House. Trump, an outspoken critic of wind power, has pledged to scrap offshore projects on day one of his second term.
Equinor’s move is a major boost for New York and the beleaguered offshore wind industry. The state has struggled to meet its clean energy targets and the industry has suffered a series of setbacks that has delayed wind projects along the East Coast.
“Today’s financial close maintains our momentum toward bringing a significant source of power to the grid. Empire Wind 1 will strengthen US energy security, build economic growth and fuel a new American supply chain,” said Molly Morris, senior vice president of Equinor, in a statement.
