PSEG invests in a 25% interest of Ocean Wind – the $1.7B Wind Project off the NJ Coast

Public Service Enterprise Group announced earlier today, Friday, December 4, 2020, that it will invest in a 25% share of Ocean Wind, the $1.7 billion, 1,100-megawatt wind energy project off the coast of Atlantic City, New Jersey.

Ocean Wind is owned by Ørsted North America, and is anticipated to provide 500,000 households with energy when operational.

It’s the first of three tranches of 7,500 megawatts in offshore wind the Murphy administration is aiming to have in the state’s energy capacity by 2050.

The operation and maintenance of the Ocean Wind facility is expected to create over 65  full-time jobs during the 25-year lifecycle of the project, according to Gabriel Martinez, a spokesperson for Ørsted.

In June, according to NJBIZ, Gov. Phil Murphy unveiled a 200-acre “wind port” in Salem County on the Delaware Bay, where the wind turbines will be produced and shipped out across the Jersey Shore.

The facility will be located in Lower Alloway Creek Township, adjacent to PSEG’s Hope Creek Nuclear Generation Station – at a facility PSEG already owns.  The site is within a mile of a designated federal Opportunity Zone and could spur some additional development within the nearby zone.

Duane Morris has an active Opportunity Zone Team to help CDCs and other organizations and individuals plan, respond to, and invest in Opportunity Zones and low income areas throughout the USA, including the US Virgin Islands and Puerto Rico. We have closed over 45 OZ deals since their inception and are actively working on over 54 OZ projects for owner/developers, investors and business owners.  We would be happy to discussion your proposed project with you.  Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.

If you have any questions about this post, please contact Brad A. Molotsky, Scott Gluck, Lee Potter, Keli Isaacson Whitlock, AK Kastrinakis, Art Momjian or the attorney in the firm with whom you are regularly in contact.