Orsted has completed the sale of a 25% equity interest in the 1100MW Ocean Wind offshore wind project off the US east coast to PSEG, following approval from the New Jersey Board of Public Utilities.
The recent issuance of a Notice of Intent for Ocean Wind from the federal Bureau of Ocean Energy Management is further progress along the timeline of New Jersey’s “groundbreaking investment” in offshore wind power, Ocean Wind developer Orsted said.
PSEG chairman, president and CEO Ralph Izzo said: “From creating jobs and strengthening the economy to investing in infrastructure and bringing gigawatts of renewable energy to our coast, offshore wind is critical to New Jersey’s future.
“PSEG is pleased to close on its investment in Ocean Wind and looks forward to working with Orsted to bring clean energy and new industry to the state.”
Orsted deputy group CEO Martin Neubert added: “We’re excited to officially welcome PSEG as a partner on Ocean Wind.
“Our two organisations are well-suited to deliver clean reliable energy to New Jersey and help the State continue its path on becoming a leader in the American offshore wind industry.”
The New Jersey Wind Port and Port of Paulsboro comprise the state’s key facilities planned to support the development, manufacturing, supply chain and assembly of offshore wind components for Ocean Wind.