Update New Jersey Offshore Wind Farm

Ørsted, a U.S. clean energy leader, announced today it signed an agreement to acquire Public Service Enterprise Group’s (PSEG) 25 percent equity stake in Ocean Wind 1, an 1,100 MW offshore wind energy project located 15 miles off the coast of southern New Jersey. The acquisition provides Ørsted with 100 percent ownership of Ocean Wind 1.

The project will delivers affordable energy to New Jersey, while providing economic opportunity across the state and region. PSEG will continue to support onshore infrastructure construction, while Oersted focuses on the offshore components. Ocean Wind 1 has committed to $695 million of in-state spending in New Jersey, creating hundreds of jobs during the construction phase of the project, including an operations and maintenance facility in Atlantic City, and more than $100 million to help establish the first American monopile construction facility in Paulsboro, New Jersey. It has also committed over $20 million to the Pro-NJ Grantor Trust, established a North American Digital Operations headquarters in Newark and partnered with the New Jersey Institute of Technology on a $1.5 million, 10-year scholarship program. Ørsted has 30 years of experience in offshore wind energy, including operating the first U.S. offshore wind farm off the coast of Rhode Island.

As the U.S. leader in offshore wind with 5 gigawatts in development, Ørsted is advancing the offshore wind industry supply chain, having stimulated more than $2 billion in U.S. investments to date. At Hofmann & Schweitzer, we will continue to update you on the status of where and when these excellent construction and maritime job opportunities in the wind energy development field will occur. We will be there for the needs of labor if you or your loved one is injured, which can be disastrous to your family.