Ørsted buys out Ocean Wind 1 partner PSEG

Ørsted has completed the deal to buy out Public Service Enterprise Group’s (PSEG’s) 25% stake in the 1.1GW Ocean Wind 1 project planned off New Jersey.

The Danish renewables giant has also reimbursed its former development partner for all of its cumulative outlays in the offshore wind farm, PSEG added.

Utility PSEG will continue to provide construction management and environmental permitting services for the wind farm’s onshore substations and transmission cable installations.

Ørsted completing the deal to take full control of the Ocean Wind 1 project follows it signing a similar deal to buy out US utility and development partner Eversource Energy’s 50% stake in the uncontracted federal lease area off New England that they currently co-own.