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PSEG completes acquisition of 25% Interest in Ørsted’s ocean wind project
Gabrielle Saulsbery//April 13, 2021//
PSEG completes acquisition of 25% Interest in Ørsted’s ocean wind project
Gabrielle Saulsbery//April 13, 2021//
PSEG completed its acquisition of a 25% interest in Ørsted’s Ocean Wind offshore wind project with approval by the New Jersey Board of Public Utilities on March 31.
PSEG’s investment was originally announced in December 2019. The completion of the acquisition was announced on April 12.
“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 President and Chief Executive Officer Ralph Izzo said in a prepared statement, adding that the company “looks forward to working with Ørsted to bring clean energy and new industry to the state.”
Ørsted was selected in June 2019 by the NJBPU to build the state’s first large-scale offshore wind farm 15 miles off the coast of South Jersey, which will help New Jersey reach its goal of 7,500 megawatts of offshore wind capacity by 2035.
