PSEG gets approved for 25 percent ownership stake in Ocean Wind

Public Service Enterprise Group (PSEG) received the necessary approvals for its 25 percent ownership stake in the Ocean Wind offshore wind farm.

PSEG is now part owner along with Orsted, who is the majority owner. Ocean Wind is a 1,100-megawatt offshore wind farm located 15 miles off the coast of southern New Jersey.

“From creating jobs and strengthening the economy to investing in infrastructure and bringing gigawatts of renewable energy to our coast, offshore wind is critical to New Jersey’s future,” PSEG Chairman, President and CEO Ralph Izzo said. “PSEG is pleased to close on its investment in Ocean Wind and looks forward to working with Orsted to bring clean energy and new industry to the state.”

Ocean Wind is a key component of New Jersey Gov. Phil Murphy’s goal of having 7,500 megawatts of offshore wind capacity by 2035. It’s also part of Murphy’s long-term strategy for achieving a 100 percent carbon-free energy supply in the state by 2050.

“We’re excited to officially welcome PSEG as a partner on Ocean Wind,” Martin Neubert, chief commercial officer and deputy group CEO of Orsted, said. “Our two organizations are well-suited to deliver clean, reliable energy to New Jersey and help the State continue its path on becoming a leader in the American offshore wind industry.”

The Biden administration has established a national target of deploying 30,000 megawatts of offshore wind by 2030.

“Ocean Wind is a leader in helping New Jersey and the nation achieve their clean energy goals,” Izzo added. “With our robust climate goals and strategies, PSEG is proud of our role in supporting New Jersey’s clean energy economy as we work to address the challenges of climate change.”