Ørsted, PSEG enter into negotiation for 1,100 MW Ocean Wind offshore wind project in New Jersey

Ørsted and Public Service Enterprise Group (PSEG) have entered into exclusive negotiations for PSEG to become an equity investor in one of Ørsted’s offshore wind projects. Subject to negotiations toward a joint venture agreement, advanced due diligence and any required regulatory approvals, PSEG would acquire 25% of Ocean Wind.

Ocean Wind is a 1,100 MW offshore wind project which will supply more than half a million New Jersey homes with clean power from its location 15 miles off the coast of Atlantic City. Subject to permitting and final investment decision, Ocean Wind is expected to be commissioned in 2024.