he United States Department of the Interior has given the green light to the Empire Wind offshore project, a venture co-owned by Equinor ASA (NYSE: EQNR) and BP plc (NYSE: BP).
This project marks the sixth commercial-scale wind farm to receive approval under President Biden's administration, signaling a strong push toward renewable energy development.
This latest approval is part of a broader initiative to achieve the goal of deploying 30 gigawatts of offshore wind energy capacity by 2030.
Empire Wind comprises two separate offshore wind farms, Empire Wind 1 and Empire Wind 2. The lease area is located about 12 nautical miles (nm) south of Long Island, N.Y., and about 16.9 nm east of Long Branch, N.J.
Together, these projects would have up to 147 wind turbines with a total capacity of 2,076 megawatts of clean, renewable energy that the Bureau of Ocean Energy Management (BOEM) estimates could power more than 700,000 homes each year.
Both Equinor and BP have faced significant writedowns on their U.S. offshore wind projects, which are still under development, reported Reuters.
Price Action: EQNR shares are trading lower by 2.49% at $31.78 on the last check Wednesday.