COPENHAGEN (Reuters) – Norway’s Equinor said on Thursday it had secured a financing package of more than $3 billion for its Empire Wind 1 offshore wind power project in the United States.
The company expects the total capital investments, including fees for the use of the South Brooklyn Marine Terminal, to be around $5 billion, including the effect of future tax credits, it said in a statement.
Equinor intends to farm down in the Empire Wind 1 project to a new partner to further enhance value and reduce exposure, it added.
Empire Wind 1 will power 500,000 New York homes and is expected to reach its commercial operation date in 2027, according to Equinor.
This post is originally published on INVESTING.
