Business & Tech

PSE&G Invests In Massive 'Wind Farm' Off New Jersey Coast

PSE&G is putting some big bucks into an offshore "wind farm" that's expected to power more than half a million New Jersey homes.

PSE&G, which has a headquarters in Newark, announced that it has entered into an agreement with Ørsted North America to acquire a 25 percent interest in the 1,100-megawatt Ocean Wind project.
PSE&G, which has a headquarters in Newark, announced that it has entered into an agreement with Ørsted North America to acquire a 25 percent interest in the 1,100-megawatt Ocean Wind project. (Photos courtesy of PSE&G)

NEWARK, NJ — PSE&G is making a big investment in an offshore “wind farm” that’s expected to power more than half a million New Jersey homes.

On Friday, PSE&G, which has a headquarters in Newark, announced that it has entered into an agreement with Ørsted North America to acquire a 25 percent interest in the 1,100-megawatt Ocean Wind project.

The wind farm will be located about 15 miles off the South Jersey coast. Learn more here.

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According to PSE&G, the Ocean Wind project could provide first power in late 2024, subject to federal permitting timelines, other development and construction activities, and final investment decisions from both companies. Completion of the acquisition is anticipated to occur in the first half of 2021, subject to approval by the New Jersey Board of Public Utilities and other closing conditions.

“I’m delighted to extend our partnership with PSE&G and welcome them on Ocean Wind, which will contribute significantly to New Jersey’s target of achieving 100 percent renewable power by 2050,” said Henrik Poulsen, CEO and president of Ørsted.

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“In addition to clean energy, Ocean Wind will bring jobs and industrial development to the Garden State during development and construction and throughout its operational lifetime,” Poulsen said.

PSE&G chairman, president and CEO Ralph Izzo agreed with his counterpart at Ørsted.

“As New Jersey’s first offshore wind project, Ocean Wind will lead the way for a productive first step into this forward-leaning industry, bringing new skills, jobs and carbon-free energy with it,” Izzo said.

Izzo added that the investment aligns with PSE&G’s long-term “clean energy strategy.”

In July, PSE&G announced it would explore strategic alternatives related to PSE&G Power’s non-nuclear generation fleet, accelerating the company’s transition to a “primarily regulated and contracted business with a zero-carbon generation platform.”

PSE&G is also considering participating in additional offshore wind opportunities in New Jersey and other mid-Atlantic states, spokespeople said.

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