This will allow the developer, Fishermen's Energy, to use "proven" turbines and "traditional sources of project financing", says the company.
Fishermen's Energy is appealing the denial of a project permit by the New Jersey Board of Public Utilities (BPU). The board has said the project would be too expensive.
"We can now announce progress we have made to reconfigure the project to address the issues the BPU raised in denying approval last year," said Fishermen's Energy CEO Chris Wissemann.
The BPU has twice rejected FACW, a decision that an appellate court backed in May. The state Supreme Court this week declined to hear the company's appeal of the BPU's latest rejection of the project.