Ørsted N.A. now owns 100% of New Jersey's first offshore wind farm
PSEG completes sale of its 25% equity interest in Ocean Wind 1 to Ørsted. (Credit: Thomas G. from Pixabay)
Public Service Enterprise Group Incorporated today announced that it has completed the sale of its 25% equity interest in the 1,100-megawatt Ocean Wind 1 project to Ørsted North America (Ørsted N.A.). With today’s executed agreement, Ørsted N.A. has reimbursed PSEG for all of its cumulative outlays in the Ocean Wind 1 project, and Ørsted N.A. now owns 100% of New Jersey’s first offshore wind farm. PSEG has also entered into a limited Transition Services Agreement with Ørsted N.A. to provide Ocean Wind 1 with construction management and environmental permitting services for the onshore substations and transmission cable installation scope of the project.
Source: Company Press Release