Ørsted has agreed to acquire a remaining 25 percent equity stake in the 1,100-megawatt Ocean Wind 1 project, located 24 kilometers (15 miles) off the coast of southern New Jersey.
Public Service Enterprise Group (PSEG) will sell its share in the wind project for an undisclosed amount. The acquisition provides Ørsted with 100 percent ownership of Ocean Wind 1.
Ørsted will ensure the project delivers affordable energy to New Jersey throughout Ocean Wind 1’s continued planning and development, while PSEG will support onshore infrastructure construction.
“PSEG has been a valuable partner as we’ve advanced Ocean Wind 1 to this point, and as we’ve successfully advanced our offshore wind vision in the U.S.,” said David Hardy, executive vice president and CEO of Region Americas at Ørsted. “With a well-established presence in the U.S., we’re confident in our ability to drive the project forward with commercial operations beginning as planned.”
