Orsted puts up $100M guarantee that it will build New Jersey's first offshore wind farm by 2025
The Danish wind energy company Orsted has put up a $100 million guarantee that it will build New Jersey’s first offshore wind farm
By WAYNE PARRY
Published - Oct 12, 2023, 02:42 PM ET
Last Updated - Oct 12, 2023, 02:42 PM EDT
OCEAN CITY, N.J. (AP) — The Danish wind energy company Orsted 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 Dec. 2025 — a year after the deadline approved by state utility regulators.
New Jersey's Board of Public Utilities approved an agreement Wednesday with Orsted under which the company would forfeit the money if the project is not up and running within 12 months of a series of deadlines previously ordered by the board.
Those deadlines call for the project to reach commercial operation in stages by May 1, Sept. 1 and Dec. 1, 2024. But it would forfeit the guarantee money if the project is not operational by December 2025.
