Ørsted, PSEG begin negotiations for offshore wind investment

Public Service Enterprise Group, an energy company serving 2.3 million New Jersey electricity customers, has begun negotiations with Danish power comany Ørsted to potentially become an equity investor in one of Ørsted’s offshore wind projects, the two companies announced on Wednesday.

Under the deal, PSEG would acquire 25% of Ocean Wind, a 1,100MW offshore wind project located 15 miles off the coast of Atlantic City. It was designed to supply more than 500,000 New Jersey homes with clean power and is expected to be commissioned in 2024.

“Ørsted’s experience in the offshore wind industry has taught us the importance of strong partnerships,” Thomas Brostrøm, President of Ørsted North America and CEO of Ørsted 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.”

“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,” Ralph LaRossa, PSEG Power president and chief operating officer, said.