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PSEG acquires interest in Ocean Wind project

By: Tom Russell 04/12/2020 Ørsted

General Windfarms

Ørsted has entered into an agreement to sell a 25% ownership interest in its 1,100MW Ocean Wind offshore wind project to New Jersey’s Public Service Enterprise Group (PSEG). PSEG’s contribution will include both a conventional and tax equity investment in the project.

The partners did not disclose the value of the transaction. Completion of the acquisition is anticipated to occur in the first half of 2021, subject to approval by the New Jersey Board of Public Utilities and other customary closing conditions.

In June 2019, Ocean Wind was selected by the New Jersey Board of Public Utilities (NJBPU) to build New Jersey’s first large-scale offshore wind farm. It could provide first power in late 2024, subject to federal permitting timelines, other development and construction activities, and final investment decisions by Ørsted and PSEG. Ørsted will be responsible for developing, constructing and operating Ocean Wind's offshore power generation and transmission assets.

Henrik Poulsen, CEO and President of Ørsted, said: “I’m delighted to extend our partnership with PSEG and welcome them on Ocean Wind, which will contribute significantly to New Jersey’s target of achieving 100% renewable power by 2050. In addition to clean energy, Ocean Wind will bring jobs and industrial development to the Garden State during development and construction and throughout its operational lifetime. I look forward to delivering this flagship renewable energy project to New Jersey in close cooperation with PSEG.”

Ralph Izzo, Chairman, President and CEO of PSEG, said: “We’re pleased to expand our partnership with Ørsted, a global leader in the development of offshore wind. 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. Further, this investment in offshore wind energy is well-aligned with our company’s long-term clean energy strategy. We’re excited to continue our close relationship with Ørsted, combining each organisation’s expertise to achieve powerful benefits for energy consumers and the state, and we look forward to future opportunities throughout New Jersey and the Mid-Atlantic.”

Ørsted is one of the world's biggest operators of offshore wind farms, and aims to have installed a total offshore wind capacity of 15 GW worldwide by 2025. In the US, Ørsted has been awarded the rights to build offshore wind farms to serve the markets of Maryland, New Jersey, Rhode Island, New York, and Connecticut. These wind farms will have a total capacity of approximately 2.9 GW, with commissioning to begin by 2024.

In addition to the Ocean Wind partnership, Ørsted and PSEG are joint venture partners on the Garden State Offshore Energy lease area.

For more information on offshore wind farms worldwide, click here.

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PSEG acquires interest in Ocean Wind project

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