Orsted to take full ownership of first NJ offshore wind farm

ATLANTIC CITY, N.J. (AP) — Danish wind energy developer Orsted will become the sole owner of the first offshore wind farm planned for New Jersey. The company says it is buying the remaining 25% ownership stake in Ocean Wind 1 from New Jersey-based Public Service Enterprise Group. According to the Associated Press, no dollar amount was given for the transaction and Orsted did not immediately respond to a request for comment Wednesday. The 1,100 megawatt project to be located about 15 miles off the coast of southern New Jersey is expected to generate enough electricity to power about a half-million homes. Orsted also has approval to build a second project adjacent to the first one.