BROOKLYN, N.Y.--(BUSINESS WIRE)--Equinor today announced the execution of the Purchase and Sale Agreement (PSA) with the New York State Energy Research and Development Authority (NYSERDA) for the renewable power generated by the Empire Wind 1 offshore wind project. This agreement follows NYSERDA’s February announcement that Equinor had been selected as a conditional winner in New York’s fourth offshore wind solicitation.
We thank NYSERDA and the state of New York for their steadfast commitment to the offshore wind industry and to achieving the state’s broader renewable energy targets...Empire Wind 1 is a defining project for Equinor and the PSA agreement is an important milestone in de-risking and ensuring a robust path forward as we work toward delivering first power.”
-Molly Morris, president of Equinor Renewables Americas
Onshore construction activity is under way at the South Brooklyn Marine Terminal. Empire Wind 1 will be America’s first offshore wind project to plug directly into the New York City grid with a target to deliver first power in late 2026.
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At a strike price of $155.00 per MW/h Empire Wind 1 is expected to deliver forward looking real base project returns within the guided range for renewable projects. Following a final investment decision, Equinor plans to use project financing, with financial close anticipated by end of 2024. Equinor intends to bring in a partner to reduce financial exposure.......
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