Ørsted and Public Service Enterprise Group (PSEG) have completed PSEG’s acquisition of a 25% equity interest in the Ocean Wind offshore windfarm
First announced on 4 December 2019, PSEG’s investment in Ocean Wind received approval from the New Jersey Board of Public Utilities on 31 March 2021.
Ocean Wind is a 1.1-GW offshore windfarm 24 km off the coast of southern New Jersey. The project was the subject of a recent Notice of Intent from the Bureau of Ocean Energy Management, further progressing it towards the go-ahead.
Ørsted chief commercial officer and deputy group chief executive Martin Neubert said, “We are excited to officially welcome PSEG as a partner in Ocean Wind.
“Our two organisations are well-suited to deliver clean reliable energy to New Jersey and help the state continue its path to becoming a leader in the American offshore wind industry.”
PSEG chairman, president and chief executive 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 Ørsted to bring clean energy and new industry to the state.”
In 2019, New Jersey set an ambitious goal of 7.5 GW of offshore wind capacity by 2035, a key component of Governor Phil Murphy’s long-term strategy for achieving a 100% carbon-free energy supply by 2050. In March, the Biden administration announced a set of actions that included establishing a national target of deploying 30,000 megawatts of offshore wind by 2030.
“Ocean Wind is a leader in helping New Jersey and the US as a whole achieve clean energy goals,” said Mr Izzo.