Ørsted Becomes Sole Owner of 1.1 GW Ocean Wind 1 Offshore Wind Project

Business & Finance

June 2, 2023, by Adnan Memija

Public Service Enterprise Group Inc. (PSEG) has completed the sale of its 25 per cent equity interest in 1.1 GW Ocean Wind 1 offshore wind project to Ørsted North America.

With this executed agreement, Ørsted North America has reimbursed PSEG for all of its cumulative outlays in the Ocean Wind 1 project and Ørsted North America now owns 100 per cent of New Jersey’s first offshore wind farm.

PSEG has also entered into a limited transition service agreement with Ørsted North America to provide Ocean Wind 1 with construction management and environmental permitting services for the onshore substations and transmission cable installation scope of the project.

Ocean Wind 1 is the offshore wind project selected by the New Jersey Board of Public Utilities (NJBPU) through a solicitation held in 2019.

At its closest point, the project will be at least 13 nautical miles (about 24 kilometres) southeast of Atlantic City, New Jersey. Export cables are anticipated to make landfall in Ocean County and Cape May County, New Jersey.

In May, the US Bureau of Ocean Energy Management (BOEM) completed the environmental analysis of the Ocean Wind 1 offshore wind farm.

Ocean Wind LLC proposes to construct up to 98 wind turbines and up to three offshore substations within its lease area. The project will feature GE Haliade-X 12 MW turbines, with an option to use the 13 MW variant.