The $5 billion Empire Wind project, designed to power 500,000 New York homes by 2027, faced a temporary setback earlier this year when the Trump Administration ordered an immediate stoppage of activities as part of a broader halt on offshore wind development ordered by President Trump, with Interior Secretary Doug Burgum citing concerns about the previous administration’s approval process.
After the month-long suspension, the Bureau of Ocean Energy Management (BOEM) lifted the stop work order, allowing construction activities to resume. Despite these challenges, Equinor CEO Anders Opedal remains optimistic about the company’s renewable energy portfolio, stating, “We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution.”
The project, which began construction in 2024 and was more than 30% complete before the work stoppage, represents a significant milestone in the U.S. renewable energy sector. Empire Wind’s financial stakes are substantial, with a gross book value of approximately $2.5 billion as of March 31, 2025, including $1.5 billion in project finance term loans.
The development also encompasses the redevelopment of the South Brooklyn Marine Terminal, set to become the nation’s largest dedicated port facility for offshore wind. Empire Wind additionally includes a potential second phase with a collective generating capacity of approximately 2.1 gigawatts.
The project’s history dates back to 2017 when Empire secured the lease for the designated area off New York’s coast through a competitive process. Following an environmental review, construction approval was granted in early 2024, with project financing secured the same year.
The temporary suspension prompted legal action from 18 states, led by New York Attorney General Letitia James, aimed at protecting maritime investments and jobs.
