PSEG and Ørsted have announced that they have completed PSEG’s acquisition of a 25 per cent equity interest in Ocean Wind. Announced on December 4, 2020, PSEG’s investment in Ocean Wind received approval from the New Jersey Board of Public Utilities on March 31, 2021. Ocean Wind is a 1,100 MW 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 Ørsted to bring clean energy and new industry to the state.”

“We’re excited to officially welcome PSEG as a partner on Ocean Wind,” said Martin Neubert, Chief Commercial Officer and Deputy Group CEO of Ørsted. “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 MW of offshore wind capacity by 2035, a key component of Governor Phil Murphy’s long-term strategy for achieving a 100% carbon-free energy supply by 2050. In March, the Biden administration announced a set of actions that included establishing a national target of deploying 30,000 MW of offshore wind by 2030.