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Ørsted has entered into an agreement to sell a 25% ownership interest in its 1,100MW Ocean Wind offshore wind project to New Jersey’s Public Service Enterprise Group (PSEG).
PSEG’s contribution will include both a conventional and tax equity investment in the project. The partners did not disclose the value of the transaction. In June 2019, Ocean Wind was selected by The New Jersey Board of Public Utilities (NJBPU) to build New Jersey’s first large-scale offshore wind farm. The Ocean Wind project could provide first power in late 2024, subject to federal permitting timelines, other development and construction activities, and final investment decisions by Ørsted and 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.
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