$100 Million Committed to New Jersey’s First Offshore Wind Farm

Danish energy company Ørsted has committed to construct New Jersey’s first offshore wind farm by December 2025. The company has staked a hefty $100 million guarantee on the project, promising to forfeit the amount if the deadline is not met.

This ambitious timeline is a year beyond the initial deadline set by state energy regulators. The bold move underscores Ørsted’s commitment to renewable energy and its confidence in meeting the project’s milestones.

The New Jersey Board of Public Utilities greenlit an agreement with Ørsted on Wednesday. Under this agreement, the company will forfeit the $100 million if the wind farm is not operational by December 1, 2025.

The project’s deadlines are structured in stages, aiming for commercial operation by May 1st, September 1st, and finally December 1st of next year. This phased approach allows for careful monitoring of progress and ensures that any potential issues are addressed promptly.

Ørsted’s pledge marks a significant step forward in New Jersey’s journey towards renewable energy. The offshore wind farm project not only promises to boost the state’s green energy portfolio but also sets a precedent for future renewable energy projects.