PSEG, a publicly traded diversified energy company, and Ørsted, a company that develops, constructs and operates offshore and onshore wind farms, have completed PSEG’s acquisition of a 25% equity interest in Ocean Wind. PSEG’s investment in Ocean Wind received approval from the New Jersey Board of Public Utilities on March 31.
Ocean Wind is a 1.1 GW offshore wind farm located 15 miles off the coast of southern New Jersey. The recent issuance of a notice of intent for Ocean Wind from the federal Bureau of Ocean Energy Management is further progress along the timeline of New Jersey’s investment in offshore wind power.
“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,” says Ralph Izzo, chairman, president and CEO of PSEG. “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 2019, New Jersey set an ambitious goal of 7,500 MW of offshore wind capacity by 2035, a key component of Gov. Phil Murphy’s long-term strategy for achieving a 100% carbon-free energy supply by 2050. In March, the Biden administration announced a set of actions that included establishing a national target of deploying 30,000 MW of offshore wind by 2030.
Combined with the New Jersey Wind Port and Port of Paulsboro, the state’s key facilities planned to support the development, manufacturing, supply chain and assembly of offshore wind components, Ocean Wind will help New Jersey achieve critical steps in generating clean energy for millions of the state’s residential and business customers, as well as strengthening the domestic supply chain, creating thousands of good-paying jobs and supporting the deployment of offshore wind at scale.
Photo: Project Map of Ocean Wind