November 13, 2023 — An offshore wind developer that is backing out of deals to build windfarms off New Jersey is under new criticism as the company attempts to pull out of paying millions of dollars in performance guarantees.
Denmark-based Ørsted announced last month it would not build two wind energy farms off the southern New Jersey coastline, despite initial approvals from New Jersey and federal officials.
This month, the company sent a letter to the New Jersey Board of Public Utilities stating it withdrawing a Compliance Filing on its Ocean Wind 1 project. The company had deposited $200 million into escrow for the project, which would be put toward manufacturing facilities for turbine monopiles in Paulsboro, Gloucester County, according to board documents.