DJIA39807.37 47.29
S&P 5005254.35 5.86
NASDAQ16379.46 -20.06
Russell 20002120.20 4.00
German DAX18504.51 29.45
FTSE 1007952.62 20.64
CAC 408205.81 1.00
EuroStoxx 505082.85 0.10
Nikkei 22540168.07 -594.66
Hang Seng16541.42 148.58
Shanghai Comp3010.66 17.52
KOSPI2745.82 -9.29
Bloomberg Comm IDX99.49 1.18
WTI Crude-fut87.00 1.32
Brent Crude-fut83.15 1.80
Natural Gas1.76 0.05
Gasoline-fut2.72 0.04
Gold-fut2238.40 26.20
Silver-fut24.92 0.23
Platinum-fut921.10 11.20
Palladium-fut1021.50 26.00
Copper-fut400.70 -0.30
Aluminum-spot1815.00 0.00
Coffee-fut188.85 -1.80
Soybeans-fut1191.50 -1.00
Wheat-fut560.25 12.75
Bitcoin70456.00 -195.00
Ethereum USD3572.73 9.38
Litecoin94.63 0.37
Dogecoin0.22 0.00
EUR/USD1.0808 0.0014
USD/JPY151.26 -0.05
GBP/USD1.2642 0.0011
USD/CHF0.9010 -0.0003
USD IDX104.56 0.19
US 10-Yr TR4.206 0.01
GER 10-Yr TR2.294 0.002
UK 10-Yr TR3.946 0.01
JAP 10-Yr TR0.726 0.02
Fed Funds5.5 0
SOFR5.33 0.01

Connect Money In Your Inbox.

Sign up to get the most important news on the business of financial services delivered daily.

Sub Markets

Property Sectors

Topics

Alternative Assets  + Real Assets  | 
Ørsted Acquires PSEG's 25% Stake in Ocean Wind 1, Takes Full Ownership

Ørsted Acquires PSEG’s 25% Stake in Ocean Wind 1, Takes Full Ownership

Public Service Enterprise Group (PSEG) will sell its 25% equity stake in the Ocean Wind 1 offshore wind farm to energy company Ørsted, providing it with 100% ownership of the project. Ørsted will proceed with the development of the project with PSEG supporting onshore infrastructure construction.

The companies did not disclose the financial transactions of the deal, which is expected to close in the first half of the year.

Ørsted executive vice president and chief executive for the Americas David Hardy said, “PSEG has been a valuable partner as we’ve advanced Ocean Wind 1 to this point, and as we have successfully advanced our offshore wind vision in the US.”

Located 15 miles off the coast of southern New Jersey, the Ocean Wind 1 project is expected to have a capacity of 1,100 megawatts (MW) and will feature 90 Haliade-X 12MW turbines. The initial delivery of power from the project is expected in 2024 with full commissioning expected the following year.

Ørsted has 30 years of experience in offshore wind energy, including operating the first US offshore wind farm Block Island, off the coast of Rhode Island.

Connect

Inside The Story

Ørsted

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

New call-to-action
New call-to-action