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Statoil submitted a winning bid of US$ 42,469,725 during the online offshore wind auction concluded by the U.S. Department of the Interior's Bureau of Ocean Energy Management (BOEM).

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 14-30 miles (30-60 km) offshore, spans 79,350 acres (321 km2), and covers water depths between 65 and 131 feet (20-40 meters). Statoil will next conduct studies to better understand the seabed conditions, the grid connection options and wind resources involved in the lease site.

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