Ørsted to Divest Stake in NJ OWP to PSEG
Danish wind developer Ørsted A/S will enter into exclusive negotiations for Public Service Enterprise Group (PSEG) to potentially acquire a 25% interest in the proposed 1,100-MW Ocean Wind project.
Subject to negotiations toward a joint venture agreement, advanced due diligence and any required regulatory approvals, PSEG would acquire 25% of Ocean Wind.
Ocean Wind is an 1,100MW offshore wind project which will supply more than half a million New Jersey homes with clean power from its location 15 miles off the coast of Atlantic City. Subject to permitting and final investment decision, Ocean Wind is expected to be commissioned in 2024.
“Ørsted’s experience in the offshore wind industry has taught us the importance of strong partnerships,” said Thomas Brostrøm, President of Ørsted North America and CEO of Ørsted U.S. Offshore Wind.
“Given PSEG’s track record for success and history providing energy solutions for communities across the Mid-Atlantic region, we are thrilled at the prospect of having them join the Ocean Wind project,” Brostrøm added.
“We are pleased about the opportunity to explore a partnership with Ørsted, a world leader in offshore wind development, and help New Jersey achieve its goal of carbon free generation by 2050,” said PSEG Power President and Chief Operating Officer Ralph LaRossa.
Ørsted U.S. Offshore Wind operates the Block Island Wind Farm, America’s first offshore wind farm, and has been awarded over 2,900 megawatts of capacity through six projects.
Newark, N.J-headquartered Public Service Enterprise Group is a publicly traded diversified energy company with approximately 13,000 employees.