Statoil and the US Bureau of Ocean Energy Management (BOEM) formally executed the lease of 79,350 acres offshore New York.
This paves the way for the Norwegian giant to explore the potential development of an offshore wind farm.
The lease comprises an area that could potentially accommodate more than 1 GW of offshore wind, with a phased development expected to start with 400-600 MW. The New York Wind Energy Area is located 14-30mi (30-60km) offshore, spans 79,350 acres (321sq km), and covers water depths between 65-131ft (20-40m).
The wind farm would provide New York with a significant, long-term source of clean and renewable electricity.