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PSEG to discuss equity investment in Ørsted's 1.1-GW Ocean Wind project

Walney Extension turbines at sunset. Source: Ørsted A/S

October 30 (Renewables Now) - Public Service Enterprise Group Inc (NYSE:PEG), or PSEG, will be exclusively negotiating the acquisition of a 25% stake in the 1,100-MW Ocean Wind project in New Jersey waters from Ørsted A/S (CPH:ORSTED).

The two companies will hold talks toward establishing a joint venture for the project, Ørsted said in a statement, adding that PSEG is yet to complete advanced due diligence.

In June, the Danish energy major won the preferred bidder status in New Jersey’s first offshore wind solicitation with that particular project. According to the New Jersey Board of Public Utilities (NJBPU), the company offered a first-year offshore wind renewable energy credit (OREC) price of USD 98.10 (EUR 88.3) per kWh.

Ørsted intends to build the Ocean Wind park about 15 miles off the coast of Atlantic City, subject to permitting and final investment decision. Commissioning of the wind farm is planned for 2024.

Upon completion, the plant will be able to supply power to more than 500,000 New Jersey households a year.

(USD 1.0 = EUR 0.900)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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