New Jersey utility Public Service Enterprise Group (PSEG) has entered into negotiations with Orsted to take a stake in the latter’s 1100MW Ocean Wind offshore wind farm off the US east coast.
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 will be located 24km off the coast of Atlantic City and, subject to permitting and a final investment decision, is expected to be commissioned in 2024.
Orsted North America president Thomas Brostrom said: “Orsted’s experience in the offshore wind industry has taught us the importance of strong partnerships
“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.”
PSEG Power president and chief operating officer Ralph LaRossa said: “We are pleased about the opportunity to explore a partnership with Orsted, a world leader in offshore wind development, and help New Jersey achieve its goal of carbon free generation by 2050.”