Public Service Enterprise Group (PSEG), a publicly traded diversified energy company headquartered in Newark, N.J., has agreed to acquire a 25 percent interest in the 1,100-megawatt Ocean Wind project in New Jersey from Orsted North America.
The project is expected to provide enough clean energy for 500,000 New Jersey homes, contributing to New Jersey’s target of achieving 100 percent renewable power by 2050.
“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,” said Ralph Izzo, chairman, president and CEO of PSEG. “We’re excited to continue our close relationship with Ørsted, combining each organization’s expertise to achieve powerful benefits for energy consumers and the state.”
In June 2019, the New Jersey Board of Public Utilities (NJBPU) unanimously granted the state’s first award for offshore win
