Ørsted has entered into an agreement to acquire the Public Service Enterprise Group's (PSEG) 25 per cent equity stake in the 1,100MW offshore wind energy project Ocean Wind 1 located approximately 24 kilometres off the coast of southern New Jersey.
The acquisition provides Ørsted with 100 per cent ownership of Ocean Wind 1. Ørsted said it will ensure the project delivers affordable energy to New Jersey, while providing economic opportunity across the state and region and that PSEG will support onshore infrastructure construction.
The transaction between Ørsted and PSEG is scheduled to close in the first half of 2023, pending the required closing conditions. The first power from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning will be in 2025.
