Danish renewable energy company Ørsted is set to negotiate the divestment of 25% of its Ocean Wind project to Public Service Enterprise Group (PSEG).

Ørsted proposed to build Ocean Wind in federal waters with the support of Public Service Enterprise Group’s (PSEG) non-utility affiliates in June 2019

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The New Jersey Board of Public Utilities (NJBPU) selected Ocean Wind as its first offshore wind energy project in the state, and it is expected to have a capacity of 1,100MW.

PSEG’s acquisition is subject to the outcome of negotiations that will lead towards a joint venture (JV) agreement, as well as advanced due diligence and regulatory approvals.

Located 15 miles off the coast of Atlantic City, Ocean Wind is expected to generate enough clean energy to power 500,000 homes in the state of New Jersey.

In addition to providing clean energy for the region, the project is expected to bring new investments as well as create more than 3,000 direct employment opportunities annually during the three-year construction cycle.

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The project would support New Jersey Governor Philip Murphy’s renewable energy target of supplying offshore wind power to more than 1.5 million New Jersey homes by 2030.

PSEG’s non-utility affiliates have agreed to provide energy management services and land on lease, which will be used by the company for the project development and execution.

Subject to obtaining all the required permits for the project and final investment decision, construction works for Ocean Wind are expected to begin in 2020, with operations expected to start in 2024.