Ørsted to take full ownership of Ocean Wind 1

By: Tom Russell 18/01/2023 Public Service Enterprise Group

General Windfarms

Public Service Enterprise Group (PSEG) has agreed to sell Ørsted its 25% equity stake in the Ocean Wind 1 offshore wind farm, providing Ørsted with 100% ownership of the project. Ørsted will proceed with development of the project with PSEG supporting onshore infrastructure construction.

The transaction between Ørsted and PSEG is expected to close in the first half of 2023, pending the required closing conditions.

"As Ocean Wind 1 has evaluated the optimal way to move forward, it has become clear that it is best for the project for PSEG to step aside and allow for a better positioned tax investor to join the project so that it can proceed with an optimized tax structure. While this was a difficult decision, it was driven by the best interests of the project and New Jersey's offshore wind goals. PSEG will continue to actively support offshore wind in New Jersey and the region," PSEG's Senior Vice President and Chief Commercial Officer Lathrop Craig said.

"PSEG has been a valuable partner as we have advanced Ocean Wind 1 to this point and as we've successfully advanced our offshore wind vision in the United States. 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," said David Hardy, Group EVP and CEO Americas at Ørsted.

Located 15 miles off the coast of southern New Jersey, the Ocean Wind 1 project is expected to have a capacity of 1,100 MW and will feature 90 Haliade-X 12 MW turbines. The initial delivery of power from project is expected in 2024 with full commissioning to follow in 2025.

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