The intended deal, which was announced Dec. 4, received approval from the New Jersey Board of Public Utilities on March 31.
Ocean Wind is an 1,100 megawatt offshore wind farm located 15 miles off the coast of southern New Jersey. The recent issuance of a Notice of Intent for Ocean Wind from the federal Bureau of Ocean Energy Management is further progress along the timeline of New Jersey’s groundbreaking investment in offshore wind power.
PSEG Chairman and CEO Ralph Izzo is pleased the company has a greater interest in the project.
“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,” he said. “PSEG is pleased to close on its investment in Ocean Wind and looks forward to working with Ørsted to bring clean energy and new industry to the state.”
Martin Neubert, chief commercial officer and deputy group CEO of Ørsted, praised the deal.
“We’re excited to officially welcome PSEG as a partner on Ocean Wind,” he 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.”
In 2019, New Jersey set an ambitious goal of 7,500 megawatts of offshore wind capacity by 2035, a key component of Gov. Phil Murphy’s long-term strategy for achieving a 100% carbon-free energy supply by 2050.
In March, President Joe Biden’s administration announced a set of actions that included establishing a national target of deploying 30,000 megawatts of offshore wind by 2030.
Izzo said he’s glad PSEG can play its part.
“Ocean Wind is a leader in helping New Jersey and the nation achieve their clean energy goals,” he said. “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.”
Combined with the New Jersey Wind Port and Port of Paulsboro, the state’s key facilities planned to support the development, manufacturing, supply chain and assembly of offshore wind components, Ocean Wind will help New Jersey achieve critical steps in generating clean energy for millions of the state’s residential and business customers, as well as strengthening the domestic supply chain, creating thousands of good-paying jobs and supporting the deployment of offshore wind at scale.