Equinor ASA (NYSE:EQNR) has reportedly received approval from the New York State Public Service Commission to start building its Empire Wind 1 offshore wind farm.

On Thursday, Governor Kathy Hochul stated that the 810-megawatt (MW) Empire Wind 1 project is expected to contribute to the state's goal of developing 9,000 MW of offshore wind power by 2035, reported Reuters.

In January 2024, Equinor penned a swap deal with BP PLC (NYSE:BP) to fully own the Empire Wind lease and projects.

Following the deal signing, a bid was submitted for the Empire Wind 1 project in New York's fourth offshore wind solicitation round and it has also been agreed with the New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreement for the Beacon Wind 1 project.

As per the report, in March 2024, Equinor received approval from the Federal Energy Regulatory Commission, and this new approval is the last one required for construction to begin. The wind farm is scheduled to start producing power in 2026.

This month, Equinor has entered into a strategic partnership with Standard Lithium Ltd, a near-commercial lithium development company.

Last month, Equinor reported Q1 FY24 with $24.79 billion in adjusted revenue, beating consensus of $22.24 billion.

Investors can gain exposure to the stock via Macquarie ETF Trust Macquarie Energy Transition ETF (PWER) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW).

Also Read: Equinor Swaps Assets for Streamlined Norway Operations

Price Action: EQNR shares closed lower by 0.29% at $27.99 on Thursday.

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