trending Market Intelligence /marketintelligence/en/news-insights/trending/1D-z8783FX65GGapYT84zw2 content esgSubNav
In This List

Ørsted partners with PSEG to build offshore wind farm in New Jersey


Japan M&A By the Numbers: Q4 2023


See the Big Picture: Energy Transition in 2024


IR in Focus | Episode 10: Capital Markets Outlook


Infographic: The Big Picture 2024 – Energy Transition Outlook

Ørsted partners with PSEG to build offshore wind farm in New Jersey

Danish wind developer Ørsted A/S is collaborating with a nonutility affiliate of Public Service Enterprise Group Inc. to build a commercial-scale offshore wind project 15 miles off the coast of Atlantic City, N.J.

The company submitted a bid to the state Board of Public Utilities to build the Ocean Wind project, which would provide power to more than 500,000 New Jersey homes. The bid came in response to the state's first request for proposals for up to 1,100 MW of offshore wind capacity as part of Gov. Phil Murphy's goal of achieving 3,500 MW of offshore wind by 2030.

The governor recently called on the board to open two additional 1,200-MW solicitations of offshore wind capacity, one in 2020 and another in 2022.

If accepted by the state regulators, the PSEG affiliate would provide energy management services and potential lease of land for use in project development. PSEG will have an option to become an equity investor in the Ocean project.

The proposed project is expected to create up to 1,000 jobs per year during a two- to three-year construction cycle and an additional 100 permanent jobs to support the 25-year project lifespan.