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A Hefty Guarantee

Orsted bets big on offshore wind

Danish wind energy company Ørsted has put up a $100 million guarantee that it will build New Jersey’s first offshore wind farm. But it will lose that money if the project is not operating by December 2025 — a year after the deadline approved by state utility regulators.

If the 1.1-GW Ocean Wind 1 is not online by that date, Ørsted will forfeit the money. If the project fails to receive final state approvals to build and operate, Ørsted will get the money back. The New Jersey Board of Public Utilities approved the agreement last week.

“[The] action by the New Jersey Board of Public Utilities continues the process of complying with the statutory requirements outlined in legislation signed by Governor Phil Murphy in July,” said Ørsted in a statement.

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