Danish wind farm developer Ørsted and energy company Public Service Enterprise Group (PSEG) announced they will enter into exclusive negotiations for PSEG to potentially become an equity investor in one of Ørsted’s offshore wind projects, Kallanish Energy reports.
Subject to negotiations toward a joint venture agreement, advanced due diligence and any required regulatory approvals, PSEG would acquire 25% of the Ocean Wind offshore wind farm.
Ocean Wind is a 1,100-megawatt offshore wind project which will supply more than half a million New Jersey homes with power from its location 15 miles off the coast of Atlantic City, New Jersey.
“Ørsted’s experience in the offshore wind industry has taught us the importance of strong partnerships,” said Thomas Brostrøm, president of Ørsted North America and CEO of Ørsted U.S. Offshore Wind.
“Given PSEG’s track record for success and history providing energy solutions for communities across the Mid-Atlantic region, we are thrilled at the prospect of having them join the Ocean Wind project.”
Subject to permitting and final investment decision, Ocean Wind is expected to be commissioned in 2024.
“We are pleased about the opportunity to explore a partnership with Ørsted, a world leader in offshore wind development, and help New Jersey achieve its goal of carbon-free generation by 2050,” said PSEG Power president and chief operating officer Ralph LaRossa.
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