PSEG eyes 25% stake in Orsted wind energy farm off NJ

ATLANTIC CITY, N.J. (AP) — A major New Jersey utility is eyeing a 25% stake in an offshore wind project being planned off the coast of Atlantic City.

Public Service Enterprise Group says it will begin negotiations with Orsted to acquire a quarter of Ocean Wind, an offshore wind energy project about 15 miles (24 kilometers) off the coast. The companies made the announcement after the close of business Tuesday. The project would generate 1,100 megawatts of electricity, or enough to power about a half-million homes. Financing of the deal and the cost at which it produces electricity are being closely watched as the nation tries to harness its vast wind energy potential.

Orsted hopes to have the project up and running in 2024.