Wind energy developer Ørsted is planning to divest 25% of its Ocean Wind project in the US to Public Service Enterprise Group
The developer said it would enter into exclusive negotiations with Public Service Enterprise Group (PSEG), a leading energy company with a utility serving 2.3M New Jersey electricity customers.
If a deal is struck, and subject to due diligence and regulatory requirements, PSEG would become an equity investor in the 1.1-GW project, which will supply more than half a million New Jersey homes with clean power from a location 24 km off the coast of Atlantic City.
Ørsted president North America and chief executive Ørsted US Offshore Wind Thomas Brostrøm said, “Our 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 delighted at the prospect of having them join the Ocean Wind project.”
Subject to permitting and a final investment decision, Ocean Wind is due to be commissioned in 2024.
Ørsted said the plan to divest part of Ocean Wind would not change its financial guidance for 2019 or anticipated investment in 2019.
In September 2019, the developer said it planned to deploy GE Renewable Energy’s Haliade-X 12MW wind turbine on Ocean Wind, and another project in its mid-Atlantic cluster, Skipjack, off the coast of Maryland