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Ørsted has signed an agreement to acquire Public Service Enterprise Group’s (PSEG) 25 % equity stake in the 1,100 MW offshore wind energy project Ocean Wind 1 located approx. 24 km off the coast of southern New Jersey in the USA.
 
The acquisition provides Ørsted with 100 % ownership of Ocean Wind 1. The transaction between Ørsted and PSEG is expected to close in the first half of 2023, pending the required closing conditions. The first power from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning is expected in 2025.
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