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Orsted's move to buy PSEG drives gigascale Ocean Wind 1 project forward
2022-11-27
In what could be the start of a new era for clean energy on America's east coast, Orsted has signed an agreement to become sole proprietor of Ocean Wind 1. The project is set to generate over 1100 megawatts from its 15 mile offshore location and with PSGE chipping in support construction alongshore, it looks like this giant development will soon bring renewable hope near New Jersey.
The project is expected to start operations in 2024 and is seen as a major step towards the state’s goal of 7.5GW of offshore wind capacity by 2035.
Orsted has signed an agreement with Public Service Enterprise Group (PSEG) for its 25% stake in the 1.1 gigawatt (GW) Ocean Wind 1 project located some 24 kilometers (15 miles) off the coast of New Jersey. The transaction is expected to be completed in the first half of 2021, and upon its completion Orsted will own 100% of the project. PSEG will continue to provide support for onshore infrastructure construction for Ocean Wind 1.
The project is slated to become operational in 2024, which is deemed a major step towards achieving the state's goal of 7.5GW of offshore wind capacity by 2035. This agreement further strengthens Orsted's position as a leading international developer and operator of green energy projects around the world.
At this time, Orsted has plans to develop additional utility-scale offshore wind farms beyond Ocean Wind 1 in the New Jersey region. The company will continue to explore further opportunities to develop projects in the United States, with an aim to realize its vision of a world that runs entirely on green energy.
Orsted is dedicated to making offshore wind farms cost-effective and reliable sources of clean energy while also creating jobs and economic growth. Its commitment to safety and environmental stewardship are core components of its operations, as well as its long-term goals for sustainable development. The company is committed to providing first-class technical support and expertise for a successful completion of the project. This transaction demonstrates Orsted's ongoing commitment to developing clean energy projects that contribute positively towards achieving a net zero future by 2050.
In what could be the start of a new era for clean energy on America's east coast, Orsted has signed an agreement to become sole proprietor of Ocean Wind 1. The project is set to generate over 1100 megawatts from its 15 mile offshore location and with PSGE chipping in support construction alongshore, it looks like this giant development will soon bring renewable hope near New Jersey.
The project is expected to start operations in 2024 and is seen as a major step towards the state’s goal of 7.5GW of offshore wind capacity by 2035.
Orsted has signed an agreement with Public Service Enterprise Group (PSEG) for its 25% stake in the 1.1 gigawatt (GW) Ocean Wind 1 project located some 24 kilometers (15 miles) off the coast of New Jersey. The transaction is expected to be completed in the first half of 2021, and upon its completion Orsted will own 100% of the project. PSEG will continue to provide support for onshore infrastructure construction for Ocean Wind 1.
The project is slated to become operational in 2024, which is deemed a major step towards achieving the state's goal of 7.5GW of offshore wind capacity by 2035. This agreement further strengthens Orsted's position as a leading international developer and operator of green energy projects around the world.
At this time, Orsted has plans to develop additional utility-scale offshore wind farms beyond Ocean Wind 1 in the New Jersey region. The company will continue to explore further opportunities to develop projects in the United States, with an aim to realize its vision of a world that runs entirely on green energy.
Orsted is dedicated to making offshore wind farms cost-effective and reliable sources of clean energy while also creating jobs and economic growth. Its commitment to safety and environmental stewardship are core components of its operations, as well as its long-term goals for sustainable development. The company is committed to providing first-class technical support and expertise for a successful completion of the project. This transaction demonstrates Orsted's ongoing commitment to developing clean energy projects that contribute positively towards achieving a net zero future by 2050.