New Jersey has selected Ocean Wind, an offshore wind energy project with a capacity of 1,100MW proposed by Ørsted.
The New Jersey Board of Public Utilities (NJBPU) has selected Ocean Wind, an offshore wind energy project proposed by Ørsted with support from Public Service Enterprise Group (PSEG), to negotiate a 20-year offshore wind renewable energy credit (OREC) for an offshore wind farm with a capacity of 1,100MW.
Located off the coast of Atlantic City, Ocean Wind will be New Jersey’s first large-scale offshore wind farm. Subject to Ørsted’s final investment decision, the wind farm is expected to be completed by 2024.
Ørsted will work with Public Service Enterprise Group’s (PSEG) non-utility affiliates, which will provide energy management services and potential lease of land for use in the project development and execution phase. PSEG, which serves 2.2 million electricity customers in New Jersey and has a long development partnership with Ørsted, has an option to become an equity investor in the Ocean Wind project.
Ocean Wind will supply more than half a million New Jersey homes with clean power. The project is expected to create over 3,000 direct jobs annually through the development and the three-year construction cycle. Ørsted is also proceeding with plans to establish an operations and maintenance (O&M) base in Atlantic City that will provide permanent, high-skilled jobs during the 25+ years lifespan of the project.
Thomas Brostrøm, CEO of Ørsted US Offshore Wind and President of Ørsted North America, said, “This announcement firmly establishes a fast-growing global industry in New Jersey, which will create jobs and supply chain in the state. Ocean Wind will ensure that the state and its residents not only benefit from clean, renewable power but that they reap the rewards of being an early mover at scale in the offshore wind industry as it grows in the US.”
In May, the company announced that it had secured a nominal £900 million (Rs 8171 crore) through the issuance of green senior bonds. The company has revealed that the green bonds have been issued to finance its green growth ambition towards 2025.