Ørsted Acquires PSEG’S Ocean Wind 1 Equity Shares

Offshore Wind

(Credit: Canva Pro)

by | Jan 18, 2023

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Announced today, an agreement between Ørsted and Public Service Enterprise Group (PSEG) for 25 percent equity stakes in Ocean Wind 1. This acquisition will give the company 100% ownership of the wind energy project located 15 miles off the coast of New Jersey and will help Ørsted to deliver New Jersey’s 1st offshore wind energy project.

Ocean Wind 1, a 1,100-megawatt wind energy project is still in planning and development, but Ørsted will ensure the project provides affordable energy to New Jersey while providing an opportunity for economic growth across the region.

The establishment of Ocean Wind 1 has already created hundreds of jobs during the construction phase of the project. Of the $695 million they’ve committed to in-state spending, Ørsted has invested more than $100 million to aid the 1st American monopile facility, located at the Port of Paulsboro in New Jersey among other worthy trusts and scholarships.

David Hardy, Group EVP and CEO Americas at Ørsted, said PSEG had been a valuable partner as they have advanced Ocean Wind 1, and successfully advanced their offshore wind vision in the United States, off the coast of Rhode Island. Operations are running according to schedule and he’s confident in their ability to drive the project forward.

Ørsted is the global leader in offshore wind and has 30 years of experience in wind energy, which extends far beyond operating the first U.S offshore wind farm. They currently have 5 gigawatts in development making them the U.S. leader in offshore wind. To date, Ørsted has invested more than $2 billion in the U.S. alone.

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