Investing.com -- The construction of the Empire Wind 1 offshore wind project, wholly owned by Equinor and boasting a capacity of 810MW, has been suspended.
The directive came from Interior Secretary Doug Burgam, who stated the cause as an insufficient analysis by the Biden administration on the project’s approval. This approval was initially granted on November 23.
The Empire Wind 1 project is located off the coast of New York City. Equinor, the project’s owner, has chosen not to comment on the potential consequences of this halt until more information becomes available.
As of a CMU on February 25, the project was set to begin operations in 2027. The total cost of the project was estimated at around $7bn. This figure was to be funded by a combination of a historical investment of approximately $2bn, $3bn in financing, and the remaining $2bn from the Investment Tax Credit. Equinor also confirmed plans to farm-down.
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