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.