Equinor and Ørsted New York State Offshore Wind Projects Advance

By Josh Beckerman

Contracts were finalized for two New York state offshore wind projects, one for Equinor's Empire Wind 1 and the other for Sunrise Wind, developed by Ørsted and Eversource.

Gov. Kathy Hochul said Tuesday that the projects will be held to "new provisions that bring additional benefits to the State," including investments in disadvantaged communities and wildlife and fisheries monitoring. The projects include commitments to purchasing a minimum of $188 million of U.S. iron and steel.

The conditionally awarded projects were announced in February. According to the governor's office, both are expected to be operational in 2026.

Equinor said the power purchase and sale agreement with the New York State Energy Research and Development Authority is an "important milestone in de-risking and ensuring a robust path forward." It said the 810-megwatt Empire Wind 1 will be "America's first offshore wind project to plug directly into the New York City grid."

Equinor is planning to bring in a partner to reduce financial exposure.

Eversource, which has been working on exiting its offshore wind investments, previously said it would sell its 50% stake in the 924-MW Sunrise Wind project to Ørsted, but would remain contracted to lead onshore construction.

Great Lakes Dredge & Dock previously said it was awarded rock installation contracts for both projects.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

June 04, 2024 15:11 ET (19:11 GMT)

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