PSEG to partner with Orsted on New Jersey’s Ocean Wind project
Public Service Enterprise Group (PSEG) is acquiring a 25 percent stake in the 1,100-megawatt Ocean Wind offshore wind farm from Orsted North America.
This alliance combines Orsted’s offshore wind expertise with PSEG’s state and regional experience executing complex energy infrastructure projects and power market knowledge.
“We are pleased to expand our partnership with Orsted, a global leader in the development of offshore wind,” PSEG Chairman, President and CEO Ralph Izzo, said. “As New Jersey’s first offshore wind project, Ocean Wind will lead the way for a productive first step into this forward-leaning industry, bringing with it new skills, jobs, and carbon-free energy. Further, this investment in offshore wind energy is well-aligned with our company’s long-term clean energy strategy. We’re excited to continue our close relationship with Orsted, combining each organization’s expertise to achieve powerful benefits for energy consumers and the state.”
PSEG is a publicly traded diversified energy company based in Newark, N.J. Orsted is a leader in offshore wind development and operates 26 wind farms globally, including the Block Island Wind Farm.
“I’m delighted to extend our partnership with PSEG and welcome them on Ocean Wind, which will contribute significantly to New Jersey’s target of achieving 100% renewable power by 2050,” Orsted President and CEO Henrik Poulsen said. “In addition to clean energy, Ocean Wind will bring jobs and industrial development to the Garden State during development and construction and throughout its operational lifetime. I look forward to delivering this flagship renewable energy project to New Jersey in close cooperation with PSEG.”
The Ocean Wind project, located off the Southern coast of New Jersey, will power half a million New Jersey homes. The state selected Ocean Wind to be the first offshore wind farm as part of its plan to add 7,500 MW of offshore wind generating capacity by 2035. It is expected to be operational in 2024, subject to federal permitting.
