Equinor has allocated $2.7bn to develop New York’s 2GW Empire Wind arrays in 2024-25, prompting close scrutiny from financial analysts about future returns from the troubled project.

Empire Wind 1&2 and the 2.4GW Beacon Wind 1&2 projects were to have been jointly developed under a 50-50 partnership between Equinor and BP.

The two companies tried, unsuccessfully to convince New York state authorities to adjust the terms of offtake agreements, becoming the latest US offshore wind venture to be blown off course by worsening economics.