Milbank LLP represented Equinor in connection with the debt financing for Equinor’s Empire Wind 1 project, an offshore wind generating facility with a nameplate capacity of approximately 810 MW, consisting of 54 wind turbines to be constructed off the coast of Long Island, New York.
The project financing package is over $3 billion and the expected total capital investments are approximately $5 billion.
Empire Wind 1, expected to reach its commercial operation date in 2027, will be America’s first offshore wind project to plug directly into the New York City grid and will power 500,000 New York homes.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partners Dan Michalchuk and Allan Marks with Tax partner Drew Batkin, Global Corporate/M&A partner Lowell Dyer, Real Estate special counsel David Groman, Global Project, Energy and Infrastructure Finance special counsel Tom Quirxtner, associates Sharanyaa Kruti Vasan, Sam Smith, Chloe Sykes, Claire Ferguson and Renee O’Connell, and law clerks Andrew Lassman and Patrick Kanopoulos. Alternative Investments partners Elizabeth Martinez and John Williams assisted on derivatives.
“We are thrilled to have advised Equinor on this significant financing, which marks a significant milestone for the company, the US energy market, and offshore wind in the United States,” said Mr. Michalchuk.
