Public Service Enterprise Group To Sell 25% Stake In Ocean Wind 1 To Orsted

(RTTNews) - Public Service Enterprise Group, Inc. or PSEG (PEG) on Wednesday agreed to sell its 25% equity stake in the Ocean Wind 1 offshore wind energy project to wind energy company Orsted, providing Orsted with 100% ownership of the project.

Orsted, America's largest offshore wind energy company, will proceed with development of the project with PSEG supporting onshore infrastructure construction.

PSEG remains committed to Governor Murphy's clean energy policies and President Biden's goal of deploying 30 gigawatts of offshore wind by 2030.

As Ocean Wind 1 continues its planning and development, Orsted will ensure the project delivers affordable energy to New Jersey, while providing economic opportunity across the state and region.

The transaction between Orsted and PSEG is expected to close in the first half of 2023, pending the required closing conditions. The initial delivery of power from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning is expected in 2025.