The project will be 2.8 miles east of Atlantic City in state waters and consist of six turbines. If approved, it may be the first grid connected offshore project in the United States.
The company, which is backed by commercial fishing firms, has applied to the state Board of Public Utilities (BPU) for approval under new rules governing offshore wind.
The BPU has introduced the Offshore Wind Renewable Energy Certificates program which will require projects to demonstrate a positive net economic impact on the state.
The second phase of the New Jersey project, planned to follow the demonstration phase, would be seven miles off the coast and have 66 turbines with a capacity of about 330MW.