Ørsted has completed the sale of 25 percent of its offshore wind farm Ocean Wind to PSEG. The agreement was signed last December and has now finally gone through. The parties have not disclosed how much PSEG will pay for the share of Ocean Wind and will not have any impact on expectations for the annual accounts for 2021.
Ocean Wind is located off New Jersey – where PSEG comes from – and has a capacity of 1.1 GW. The offshore wind farm is expected to be able to deliver its first electricity in late 2024.
In addition to the Ocean Wind partnership, Ørsted and PSEG are also joint venture partners on the as yet untapped Garden State Offshore Energy project.
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