PSEG to acquire 25% interest in Ocean Wind

PSEG chairman, president and chief executive Ralph Izzo said, “We are pleased to expand our partnership with Ørsted.

“As New Jersey’s first offshore wind project, Ocean Wind will lead the way for a productive first step into this forward-leaning industry, bringing with it new skills, jobs and carbon-free energy.

“This investment in offshore wind is also well-aligned with our company’s long-term clean energy strategy. We’re excited to continue our close relationship with Ørsted, combining each organisation’s expertise to achieve powerful benefits for energy consumers and the state.”

Ørsted chief executive and president Henrik Poulsen said, “I am delighted to extend our partnership with PSEG and welcome them to Ocean Wind, which will contribute significantly to New Jersey’s target of achieving 100% renewable power by 2050.

“In addition to clean energy, Ocean Wind will bring jobs and industrial development to the Garden State during development and construction and throughout its operational lifetime.”

Ørsted chief executive offshore North America David Hardy said, “Our two organisations have unmatched expertise and experience constructing complex energy projects.”

PSEG vice president of offshore wind development Lathrop Craig said, “PSEG and Ørsted have natural synergies, and matching Ørsted’s global construction expertise with PSEG’s deep local history positions us well to deliver a successful project for New Jersey.

“As more states look to decarbonise their energy supply, we look forward to this and future opportunities throughout New Jersey and the Mid-Atlantic.”

The Ocean Wind project was selected by the state to be the first offshore windfarm as part of its plan to add 7.5 GW of offshore wind generating capacity by 2035.

The Ocean Wind project could provide first power in late 2024, subject to federal permitting timelines, other development and construction activities, and final investment decisions by Ørsted and PSEG.

Completion of the acquisition is expected to occur in H1 2021, subject to approval by the New Jersey Board of Public Utilities and other customary closing conditions.