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Released January 06, 2025 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Equinor (NYSE:EQNR) (Stavanger, Norway) said last week it secured financing that would support its Empire Wind facility off the coast of New York, but added it may eventually divest from the project.
Equinor secured the lease necessary for Empire Wind in 2017, and last year reached a 25-year purchase and sale agreement (PSA) with the state of New York for power from the facility. Once completed in 2027, it would be able to meet the energy demands of around a half-million New York customers. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more by viewing the project report.
Molly Morris, a senior vice president at Equinor for renewable programs in North America, said the Norwegian company believes wind will not only be a source of economic growth up and down the U.S. supply chain, but would strengthen energy security as well.
"This is an important milestone for Equinor, in line with our plan to enhance value and reduce exposure in the Empire Wind 1 project," added Jens Okland, the acting executive vice president for renewables corporate-wide. "As we now enter full execution mode, we continue our efforts to increase robustness and value-creation in the project."
Construction began already on the facility located about 20 or so miles off the coast of Long Island. The site would cover about 80,000 acres and would be the first offshore wind farm connected to the New York grid.
Equinor, however, said it would look to capitalize further on the project.
"Equinor intends to farm down in the Empire Wind 1 project to a new partner to further enhance value and reduce exposure," it said Thursday.
Outgoing U.S. President Joe Biden had opened territorial waters up to bidders for offshore wind, setting a goal of establishing 30 gigawatts (GW) of power by 2030. The industry, however, has been slow to develop, with the National Renewable Energy Laboratory finding 174 megawatts (MW) of offshore wind in operation and another 4 GW under construction.
Incoming President Donald Trump is in favor of more oil and gas, though New York state regulators recently approved a batch a renewable energy projects. Invenergy LLC's (Chicago, Illinois) 340-MW Alle-Catt Windfarm in western New York and Apex Clean Energy's (Charlottesville, Virginia) 173-MW Heritage Windfarm in Orleans County were both approved for construction in December. Subscribers can click here for the Alle-Cat project report and click here for the Heritage Windfarm project report.
There may be some reluctance, however, surrounding offshore wind in the U.S.
Patrick Pouyanne, the head of energy major TotalEnergies SE (NYSE:TTE) (Courbevoie, France), said during a London energy conference last year that his company was rethinking plans for a windfarm off the coast of New York, while RWE AG (Essen, Germany) said Trump's policies could present obstacles for its proposed Canopy windfarm off the coast of California. Subscribers can learn more about Canopy from a detailed project report.
The U.S. grid remains heavily dependent on natural gas as a power source. Most of the renewable energy, meanwhile, comes from solar power.
Subscribers can click here for all project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Equinor secured the lease necessary for Empire Wind in 2017, and last year reached a 25-year purchase and sale agreement (PSA) with the state of New York for power from the facility. Once completed in 2027, it would be able to meet the energy demands of around a half-million New York customers. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more by viewing the project report.
Molly Morris, a senior vice president at Equinor for renewable programs in North America, said the Norwegian company believes wind will not only be a source of economic growth up and down the U.S. supply chain, but would strengthen energy security as well.
"This is an important milestone for Equinor, in line with our plan to enhance value and reduce exposure in the Empire Wind 1 project," added Jens Okland, the acting executive vice president for renewables corporate-wide. "As we now enter full execution mode, we continue our efforts to increase robustness and value-creation in the project."
Construction began already on the facility located about 20 or so miles off the coast of Long Island. The site would cover about 80,000 acres and would be the first offshore wind farm connected to the New York grid.
Equinor, however, said it would look to capitalize further on the project.
"Equinor intends to farm down in the Empire Wind 1 project to a new partner to further enhance value and reduce exposure," it said Thursday.
Outgoing U.S. President Joe Biden had opened territorial waters up to bidders for offshore wind, setting a goal of establishing 30 gigawatts (GW) of power by 2030. The industry, however, has been slow to develop, with the National Renewable Energy Laboratory finding 174 megawatts (MW) of offshore wind in operation and another 4 GW under construction.
Incoming President Donald Trump is in favor of more oil and gas, though New York state regulators recently approved a batch a renewable energy projects. Invenergy LLC's (Chicago, Illinois) 340-MW Alle-Catt Windfarm in western New York and Apex Clean Energy's (Charlottesville, Virginia) 173-MW Heritage Windfarm in Orleans County were both approved for construction in December. Subscribers can click here for the Alle-Cat project report and click here for the Heritage Windfarm project report.
There may be some reluctance, however, surrounding offshore wind in the U.S.
Patrick Pouyanne, the head of energy major TotalEnergies SE (NYSE:TTE) (Courbevoie, France), said during a London energy conference last year that his company was rethinking plans for a windfarm off the coast of New York, while RWE AG (Essen, Germany) said Trump's policies could present obstacles for its proposed Canopy windfarm off the coast of California. Subscribers can learn more about Canopy from a detailed project report.
The U.S. grid remains heavily dependent on natural gas as a power source. Most of the renewable energy, meanwhile, comes from solar power.
Subscribers can click here for all project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
