Ørsted Sets Up Offshore Wind Trust in New Jersey

Ørsted has launched a USD 15 million fund to support businesses in New Jersey to enter the offshore wind industry.

The Pro-NJ Grantor Trust will offer New Jersey-based small, women-owned and minority-owned businesses support in re-tooling their businesses to enter the offshore wind industry.

It will also provide funding for infrastructure resiliency improvements critical to the coastal communities in Atlantic, Ocean and Cape May counties.

The first application window begins on 1 February.

Ørsted is currently developing the 1,100 MW Ocean Wind project, set to be New Jersey’s first offshore wind farm.

The wind farm will feature GE Haliade-X turbines located some 24 km off the coast of southern New Jersey, which could provide first power in late 2024.

The Danish company recently submitted a bid to the New Jersey Board of Public Utilities to develop its Ocean Wind 2 project in response to the state’s second request for proposals.