08:51 AM EST, 01/02/2025 (MT Newswires) -- Equinor ( EQNR ) said Thursday it has secured a financing package of over $3 billion for its Empire Wind 1 project in New York.

The financing deal was closed at the end of December, the Norwegian energy company said.

The wind farm project, expected to begin commercial operation in 2027, will power 500,000 New York homes, the company said. The project is expected to entail about $5 billion in capital investments, including fees for the use of South Brooklyn Marine Terminal.

Equinor ( EQNR ) said it plans to eventually sell its interest in Empire Wind 1 to a new partner "to further enhance value and reduce exposure."

Shares were 3% higher in recent premarket activity.