Equinor secures $3 billion financing for U.S. Empire Wind 1 venture

COPENHAGEN (Reuters) – Norway’s Equinor mentioned on Thursday it had secured a financing package deal of greater than $3 billion for its Empire Wind 1 offshore wind energy venture in america.

The corporate expects the whole capital investments, together with charges for the usage of the South Brooklyn Marine Terminal, to be round $5 billion, together with the impact of future tax credit, it mentioned in a press release.

Equinor intends to farm down within the Empire Wind 1 venture to a brand new associate to additional improve worth and scale back publicity, it added.

Empire Wind 1 will energy 500,000 New York properties and is predicted to succeed in its business operation date in 2027, in accordance with Equinor.