Donald Trump has given the green light for a massive offshore wind energy project off the coast of New York that could provide power for up to half a million homes. The Empire Wind project, which is set to cost around $5 billion (£3.8 billion), will consist of 138 enormous wind turbines, each standing three times taller than the iconic Statue of Liberty.
The project had faced a setback last month when the US Interior Department blocked its development, much to the frustration of developer Equinor and the Norwegian government, which holds a significant stake in the company. The halt in construction was estimated to cost Equinor around $50 million per week to maintain its contractors and suppliers on site without making any progress.
However, following a meeting between Donald Trump and Norwegian Prime Minister Jonas Gahr Stoere and Finance Minister Jens Stoltenberg in Washington, the block was lifted. The Norwegian officials reportedly highlighted Equinor’s substantial investments in the US, particularly in the oil and gas sector, prompting Trump to reverse his decision.
Anders Opedal, the President and CEO of Equinor, expressed gratitude for the support from the Norwegian government during a critical time. The initial block on the Empire Wind project had caused concern within the US and the global renewable energy industry, as it raised doubts about the security of investments in similar projects.
The project, which is already 30% complete and will utilize wind turbines from Vestas, is expected to reach heights of 900 feet above sea level, dwarfing the Statue of Liberty’s 305-foot stature. Equinor secured significant interest from lenders due to the project’s high returns guaranteed under a 25-year agreement with the New York State Energy Research and Development Authority.
The deal to supply electricity from Empire Wind to New York was struck at a price of $155.00 (£116) per megawatt hour, significantly higher than rates in the UK. This project is part of a larger push towards offshore wind energy in the US, with several other projects currently operational or under construction.
The approval of the Empire Wind project has been welcomed by industry experts and officials, who see it as a crucial step towards achieving energy independence and creating job opportunities in the region. The development of offshore wind farms like Empire Wind is seen as a key component of the transition to cleaner and more sustainable energy sources.