Developer selected for US largest offshore wind farm
New Jersey Board of Public Utilities (NJBPU) has awarded Ørsted as the preferred bidder for the New Jersey’s first large-scale offshore wind tender with a 1.1 GW project named "Ocean Wind". It will be the first offshore wind farm in the US to cross the 1 GW mark. The NJBPU unanimously voted for Ørsted´s project.
The project will be developed about 15 miles (24.1 km) of Atlantic City, NJ and it is expected to generate enough electricity to power 500,000 New Jersey homes. The construction of the project is expected to be completed by 2024. Ørsted is also proceeding with plans to establish an operations and maintenance (O&M) base in Atlantic City.
The project developer, in partnership with Public Service Enterprise Group (PSEG), will have the right to negotiate a 20-year offshore wind renewable energy credit (OREC) for the wind farm. PSEG will provide energy management services and potential lease of land for use in the project development and execution phase. PSEG will have the chance to be an equity owner of the project.
The other companies that participated in the offshore wind project tender were Norway’s Equinor ASA through Broadwalk Wind, and Atlantic Shores Offshore Wind, a 50/50 joint venture between EDF Renewables North America and a unit of oil and gas major Royal Dutch Shell Plc.
Ørsted has won the project by offering first-year OREC price of US$98.10 (EUR 86.2) per kWh. NJBPU has also evaluated the economic, environmental and ratepayer impact as well the prospect of the commercial operation success.
Developing of Ocean Wind project will be the first step of New Jersey´s goal of contracting 3.5 GW of offshore wind by 2030.
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