New Jersey utility buys 25% of wind farm off Atlantic City
ATLANTIC CITY, N.J. (AP) — New Jersey’s largest utility bought a 25% stake in an offshore wind farm Friday to be built off the coast of Atlantic City in a move to bring local knowledge to an energy project that would power half a million homes.
Newark-based Public Service Enterprise Group agreed to buy 25% of the 1,100-megawatt Ocean Wind project from Orsted North America.
The purchase price was not announced. Orsted would not divulge it, and PSEG did not immediately responded to a request for details.
“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,” Ralph Izzo, PSEG’s president and CEO, said in a statement. “This investment in offshore wind energy is well-aligned with our company’s long-term clean energy strategy.”
The move made sense for both companies, said David Hardy, CEO of a North American arm of the Danish company.
“Our two organizations have unmatched expertise and experience constructing complex energy projects,” he said. “We’re excited to partner with PSEG due to their extensive knowledge of the market and previous track record, and we’re looking forward to providing enough clean energy for 500,000 New Jersey homes.”