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Equinor upbeat about investor interest in US overseas wind farm

Norway's Equinor is positive of discovering an investor for its scheduled Empire Wind 1 offshore wind farm in New York after a new power offtake agreement enhanced the project's economics, the company said on Thursday.

New york city State authorities in February awarded the task a. brand-new conditional power purchase agreement, changing a previous. offer that was no longer competitive due to increasing building. expenses, greater interest rates and supply chain snags.

Equinor was glad to have gotten the new agreement, which. substantially changed the economics of the job, CFO Torgrim. Reitan told experts during an incomes contact Thursday.

2024 is the year of de-risking for the Empire Wind 1. job in New york city and we are progressing, he said.

The business prepares to sell a stake as part of a so-called. farm to a new partner to reduce capital expenditure, with. Reitan saying there was a broad set of potential interested. parties.

It would mark the second farm down for Empire Wind 1, after. Equinor earlier this year parted ways with its previous. partner BP.

Equinor will reveal the price of its brand-new agreement with New. York when it is securely signed, with just an average for numerous. granted tasks given in February, the CFO said.

All required procurement contract were more or less settled. for the project, however, with extremely little remaining exposure to. inflation, he included.

Equinor has gone with 15-megawatt (MW) Vestas wind. turbines for the task, a tested technology, Reitan said.

We feel confident in the delivery of that, he included.

Reitan's remark followed news last week that New york city had. declined contracts for 3 other jobs that had been hoping. to use 18-MW wind turbines, as the picked producer, GE. Vernova, had chosen not to produce those turbines.

(source: Reuters)