One-of-a-kind facility secures $3 billion to connect directly to NYC power grid: ‘New technologies’
Alyssa Ochs
March 1, 2025
One of the most promising sources of future clean energy is offshore wind farms. Many areas along the U.S. coastlines are ideal for wind turbine technology, particularly near the bustling metropolis of New York City. According to Electrek, the Norwegian energy company Equinor has secured $3 billion in financing for the Empire Wind 1 farm in New York. This will be the first offshore wind farm directly connected to the city’s power grid and has the potential to supply energy to 500,000 homes.
This new wind farm is particularly noteworthy as it will transform the South Brooklyn Marine Terminal into the largest dedicated port facility for offshore wind in the United States. Equinor anticipates that the wind farm will be operational by 2027, significantly enhancing the wind energy sector in New York and across the nation. The announcement comes at a time when federal funding for clean energy projects is under threat. Despite President Donald Trump’s intentions to halt offshore wind leases and stop proposed coastal projects lacking permits, construction is already underway at Empire Wind 1.
Covering 80,000 acres, the wind farm is situated 15-30 miles southeast of Long Island and has already generated thousands of jobs. “Due to strong interest from lenders, the Empire Wind 1 project was able to secure competitive terms,” Equinor stated. “The final group of lenders includes some of the most experienced in the sector, along with many of Equinor’s established banking partners.”
Meanwhile, offshore wind turbines are promising cleaner, greener, and more resilient communities in regions including California, Virginia, and England. Wind farms are economically beneficial, generating 12,500% more revenue per acre of land leased compared to high-pollution alternatives. They also produce efficient electricity without relying on fossil fuels like oil and gas, thereby helping to mitigate climate change and improve air quality.
“The cost of energy decreases once wind and solar are installed,” commented one Electrek reader. “Most projects don’t require taxpayers to pay upfront; municipalities commit to purchasing energy at a fixed rate for several years.” Another reader noted, “They are experimenting with new technologies and construction methods. Supporting this initiative to create new industries and provide a source of clean and reliable energy is worthwhile.”
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Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/equinor-secures-3-billion-for-first-offshore-wind-farm-directly-connected-to-nyc-grid-powering-500000-homes/
