Public Service Enterprise Group (PSEG) has agreed to sell its 25 percent stake in the Ocean Wind 1 offshore wind energy project to Orsted.
Orsted will have 100 percent ownership of the Ocean Wind 1 offshore wind energy project. Orsted, America’s largest offshore wind energy company, will proceed with development of the project with PSEG supporting onshore infrastructure construction.
“As Ocean Wind 1 has evaluated the optimal way to move forward, it has become clear that it is best for the project for PSEG to step aside and allow for a better positioned tax investor to join the project so that it can proceed with an optimized tax structure,” PSEG’s Senior Vice President and Chief Commercial Officer Lathrop Craig said.
The delivery of power from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning is expected in 2025.