January 20, 2023 — A Danish energy developer will become the solitary owner of New Jersey’s first offshore wind farm in a deal announced Wednesday by the company.
Ørsted said it has acquired the remaining 25% equity stake in Ocean Wind 1 from the Public Service Enterprise Group, giving it 100% ownership of the project.
Neither entity disclosed costs or other details of the transaction, which is expected to be finalized in the first half of the year.
The project, expected to be completed by the end of 2024, calls for developing 1,100 megawatts of offshore wind in waters located 15 miles off the coast of southern New Jersey.