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Ørsted N.A. assumes full control of Ocean Wind 1 as PSEG concludes equity sale

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 01/06/2023 PR Newswire

Public Service Enterprise Group Incorporated (PSEG) announced the successful completion of the sale of its 25% equity interest in the groundbreaking 1,100 MW
Ocean Wind 1 project to Ørsted North America (Ørsted N.A.). Through this executed agreement, Ørsted N.A. has fully reimbursed PSEG for its cumulative outlays in the Ocean Wind 1 project, solidifying Ørsted N.A.'s ownership of New Jersey's first offshore wind farm.

As part of the transition, PSEG has entered into a limited Transition Services Agreement with Ørsted N.A. to ensure a smooth handover and continued support. Under this agreement, PSEG will provide crucial construction management and environmental permitting services for the onshore substations and transmission cable installation scope of the Ocean Wind 1 project. This collaboration ensures that Ørsted N.A. can seamlessly take over operational responsibilities while leveraging PSEG's expertise during the crucial development phase.

The completion of this transaction marks a significant milestone in the renewable energy landscape of New Jersey, as Ørsted N.A. now assumes full control over Ocean Wind 1. With its vast experience and leadership in the offshore wind industry, Ørsted N.A. is well-positioned to drive the project forward and contribute to the state's clean energy goals.

Ocean Wind 1, with its substantial capacity, is poised to make a significant contribution to the region's renewable energy supply. The project's advanced technology and strategic location off the coast of New Jersey will harness the power of offshore wind to provide clean and sustainable electricity to thousands of homes and businesses.

This transfer of ownership and continued collaboration between PSEG and Ørsted N.A. not only strengthens the growth of offshore wind in the region but also reinforces the commitment to a cleaner and more sustainable energy future for New Jersey and beyond.

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