Equinor has secured more than $3 billion in project financing for the 810-megawatt Empire Wind 1 project it is developing offshore New York, the company said Jan. 2.

The Norway-based company, which closed on the financing package at the end of December, said total capital investments for the project are about $5 billion. The amount includes fees for use of the South Brooklyn Marine Terminal and the effect of expected future tax credits.

“This is an important milestone for Equinor, in line with our plan to enhance value and reduce exposure in the Empire Wind 1 project,” said Jens Økland, acting executive vice president for Renewables in Equinor. “As we now enter full execution mode, we continue our efforts to increase robustness and value-creation in the project.”

The company said it plans to farm down its stake in the project to a partner to further augment value and lower exposure.

Equinor has already inked a 25-year purchase and sale agreement with the New York State Energy Research and Development Authority at a strike price of $155 per megawatt hour.

Construction of the offshore wind farm, which is expected to power about 500,000 New York homes, is underway. Empire Wind 1 is scheduled to begin commercial operations in 2027.

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