Orsted announced on Wednesday that it has agreed to purchase Public Service Enterprise Group's 25% share in the 1,100 megawatt Ocean Wind 1 wind power project, located off the coast of New Jersey. The purchase will bring Orsted's stake in the project to 100%.
Orsted stated in a press release that the first electricity generation from Ocean Wind 1 is planned for the end of 2024, and the project is projected to be fully operational by 2025. The company did not disclose the amount paid for the stake.
The U.S. company stated that PSEG's withdrawal from the project would enable the project to move forward with an optimized tax structure, without providing further details.
