Diversified energy company Public Service Enterprise Group (PSEG) announced that it has entered into an agreement with Ørsted North America to acquire a 25% interest in the 1,100-megawatt Ocean Wind project, New Jersey’s first offshore wind farm.

According to the companies, the Ocean Wind project will generate clean, zero-carbon electricity and power half a million New Jersey homes from its location off the coast of southern New Jersey. Subject to permitting timelines, as well as construction and development activities, the project could provide first power in late 2024. Ocean Wind was selected by the state of New Jersey to be the first offshore wind farm as part of its intention to add 7,500 MW of offshore wind generating capacity by 2035.

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PSEG Chairman, President and CEO Ralph Izzo, said:

“We are pleased to expand our partnership with Ørsted, a global leader in the development of offshore wind. As New Jersey’s first offshore wind project, Ocean Wind will lead the way for a productive first step into this forward-leaning industry, bringing with it new skills, jobs and carbon-free energy. Further, this investment in offshore wind energy is well-aligned with our company’s long-term clean energy strategy. We’re excited to continue our close relationship with Ørsted, combining each organization’s expertise to achieve powerful benefits for energy consumers and the state.”

Henrik Poulsen, CEO and President of Ørsted, said:

“I’m delighted to extend our partnership with PSEG and welcome them on Ocean Wind, which will contribute significantly to New Jersey’s target of achieving 100% renewable power by 2050. In addition to clean energy, Ocean Wind will bring jobs and industrial development to the Garden State during development and construction and throughout its operational lifetime. I look forward to delivering this flagship renewable energy project to New Jersey in close cooperation with PSEG.”

Completion of the acquisition is anticipated to occur in the first half of 2021, subject to approval by the New Jersey Board of Public Utilities and other customary closing conditions.