PSEG to form partnership with Orsted for offshore wind project

The Public Service Enterprise Group (PSEG) is negotiating with offshore wind company Orsted to become an equity investor in one of Orsted’s projects.

While the deal is still subject to negotiations and regulatory approvals, PSEG would acquire 25 percent of Orsted’s Ocean Wind project.

Ocean Wind is a 1,100MW offshore wind project location 15 miles off the coast of Atlantic City, N.J. Ocean Wind will supply energy to more than half a million New Jersey homes.

“Ørsted’s experience in the offshore wind industry has taught us the importance of strong partnerships,” Thomas Brostrøm, president of Orsted North America and CEO of Orsted U.S. Offshore Wind, said. “Given PSEG’s track record for success and history providing energy solutions for communities across the Mid-Atlantic region, we are thrilled at the prospect of having them join the Ocean Wind project.”

Ocean Wind is expected to be commissioned in 2024, pending permitting and final investment decisions.

“We are pleased about the opportunity to explore a partnership with Ørsted, a world leader in offshore wind development, and help New Jersey achieve its goal of carbon-free generation by 2050,” PSEG Power President and Chief Operating Officer Ralph LaRossa said.

PSEG is an energy company that serves 2.3 million in New Jersey.