The New Jersey Economic Development Authority (NJEDA) Board has approved the Authority entering into development and sublease agreements with Ørsted Wind Power North America (Ørsted) for the sublease of up to 34 acres of property at the New Jersey Wind Port (NJWP).
Ørsted will be the NJWP’s inaugural tenant and expects to create up to 200 jobs over its lease term. Ørsted will sublease up to 34 acres of property at the Port for up to two years. Assuming a 24-month sublease term, total rent paid by Ørsted is estimated at over $25 million. The agreement with Ørsted includes a mechanism for shared berth use, preserving the NJWP’s ability to attract manufacturing tenants who require access to purpose-built wharves to ship out completed components. At over 220 acres, the port can accommodate multiple Tier 1 component manufacturers, such as blades, nacelles, towers, and cables.
