Ørsted, a Danish energy company, has agreed to acquire PSEG’s (Public Service Enterprise Group) 25 per cent equity stake in the Ocean Wind I offshore wind project in the US. The 1.1 GW offshore project, which is located about 24 km from southern New Jersey, will now be 100 per cent owned by Ørsted as part of the agreement. No financial details have been disclosed. 

Furthermore, the deal is expected to close in the first half of this year if all the required closing conditions are met. Ocean Wind I is scheduled to start generating power towards the end of 2024 and complete construction in 2025. According to the agreement, PSEG will keep funding the project’s onshore infrastructure construction activities. Ørsted has been active in the global offshore wind segment for 30 years, having operated the US’ first offshore wind farm near Rhode Island.

Earlier this month, Ørsted submitted a request for permission to extend Sweden’s offshore wind capacity by 15 GW. The capacity would be extended by the company near Sweden’s southern tip and the Gulf of Bothnia in the north. According to the report, if approved, the projected capacity might be provided over the following ten years.