{"id":1004333411,"date":"2019-06-26T23:09:14","date_gmt":"2019-06-27T07:09:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004333411"},"modified":"2019-06-26T23:09:14","modified_gmt":"2019-06-27T07:09:14","slug":"nj-selects-orsted-for-1-1gw-ocean-wind-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nj-selects-orsted-for-1-1gw-ocean-wind-project\/","title":{"rendered":"NJ Selects \u00d8rsted for 1.1GW Ocean Wind Project"},"content":{"rendered":"
\"\"<\/a>

Ocean Wind map. Image courtesy of \u00d8rsted<\/em><\/p><\/div>\n

The New Jersey Board of Public Utilities has selected \u00d8rsted to develop a 1.1-gigawatt offshore wind project located 15 miles off the coast of Atlantic City. This marks the first of three solicitations the state is pursuing to acquire 3.5 gigawatts of offshore wind power by 2030.<\/p>\n

Ocean Wind will be New Jersey\u2019s first large-scale offshore wind farm. \u00d8rsted will work with Public Service Enterprise Group\u2019s non-utility affiliates, which will provide energy management services and potential lease of land for use in the project development and execution phase. PSEG, which serves 2.2 million electricity customers in New Jersey, has an option to become an equity investor in the Ocean Wind project.<\/p>\n

Upon completion, the offshore wind farm is estimated to supply more than half a million New Jersey households with clean energy. During the development and the three-year construction phases, it is expected to create more than 3,000 direct jobs annually. In addition, \u00d8rsted intends to establish an operations and maintenance (O&M) base in Atlantic City that will provide permanent, high-skilled jobs during the lifespan of the project estimated to go beyond 25 years. Subject to \u00d8rsted\u2019s final investment decision, the wind farm is expected to be completed by 2024.<\/p>\n

The bigger picture<\/h2>\n

\u00d8rsted has secured a U.S. offshore wind build-out portfolio with a total capacity of approximately 2 gigawatts to be completed between 2022 and 2024. The company will be able to optimize construction and operations across the portfolio as well as inside the clusters:<\/p>\n