Ørsted closes acquisition of 1.1 GW Offshore wind farm in USA

Public Service Enterprise Group (PSEG) and Ørsted have completed PSEG’s acquisition of a 25% equity interest in Ocean Wind, Announced on Dec. 4, 2020, PSEG’s investment in Ocean Wind received approval from the New Jersey Board of Public Utilities on March 31, 2021.

Ocean Wind is a 1,100 megawatt offshore wind farm located 15 miles off the coast of southern New Jersey. The recent issuance of a Notice of Intent for Ocean Wind from the federal Bureau of Ocean Energy Management is further progress along the timeline of New Jersey’s groundbreaking investment in offshore wind power.

In 2019, New Jersey set an ambitious goal of 7,500 megawatts of offshore wind capacity by 2035, a key component of Gov. Phil Murphy’s long-term strategy for achieving a 100% carbon-free energy supply by 2050. In March, the Biden administration announced a set of actions that included establishing a national target of deploying 30,000 megawatts of offshore wind by 2030. 

Ocean Wind will help New Jersey achieve critical steps in generating clean energy for millions of the state’s residential and business customers, as well as strengthening the domestic supply chain, creating thousands of good-paying jobs and supporting the deployment of offshore wind at scale.