The New Jersey Board of Public Utilities (NJBPU) has selected Ocean Wind, an offshore wind energy project proposed by Ørsted with support from Public Service Enterprise Group (PSEG), to negotiate a 20-year offshore wind renewable energy credit (OREC) for an offshore wind farm with a capacity of 1,100MW.
Located off the coast of Atlantic City, Ocean Wind will be New Jersey’s first large-scale offshore wind farm. Subject to Ørsted’s final investment decision, the wind farm is expected to be completed by 2024. Ørsted will work with Public Service Enterprise Group’s (PSEG) non-utility affiliates, which will provide energy management services and potential lease of land for use in the project development and execution phase. PSEG has an option to become an equity investor in the Ocean Wind project. Ørsted is also proceeding with plans to establish an operations and maintenance (O&M) base in Atlantic City that will provide permanent, high-skilled jobs during the 25+ years lifespan of the project.
