PSEG to Sell its 25% Equity Stake in Ocean Wind 1 to Ørsted

prnewswire.com

Public Service Enterprise Group (PSEG) has agreed to sell Ørsted its 25% equity stake in the Ocean Wind 1 offshore wind energy project, providing Ørsted with 100% ownership of the project. Ørsted, 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. While this was a difficult decision, it was driven by the best interests of the project and New Jersey's offshore wind goals. PSEG will continue to actively support offshore wind in New Jersey and the region," PSEG's Senior Vice President and Chief Commercial Officer Lathrop Craig said.

PSEG remains committed to Governor Murphy's clean energy policies and President Biden's goal of deploying 30 gigawatts of offshore wind by 2030. The company will continue to help the state and nation realize offshore wind's tremendous potential through transmission solutions, support for the New Jersey Wind Port and PSE&G's clean energy investments.