PSEG Completes Ocean Wind Stake Buy

New Jersey’s Public Service Enterprise Group (PSEG) has completed the acquisition of a 25% interest in Ørsted’s Ocean Wind offshore wind project.

PSEG’s investment, which was announced in December 2019, received approval from the New Jersey Board of Public Utilities on 31 March.

“From creating jobs and strengthening the economy to investing in infrastructure and bringing gigawatts of renewable energy to our coast, offshore wind is critical to New Jersey’s future,” PSEG President and CEO Ralph Izzo said.

“PSEG is pleased to close on its investment in Ocean Wind and looks forward to working with Ørsted to bring clean energy and new industry to the state.”

In June 2019, Ørsted was selected by the New Jersey Board of Public Utilities (NJBPU) to build what is New Jersey’s first large-scale offshore wind farm.

Located some 24 km off the coast of southern New Jersey, Ocean Wind will feature GE Haliade-X 12 MW turbines, with an option to use the 13 MW variant. The 1,100 MW offshore wind farm could provide first power in late 2024.