New Jersey utility Public Service Enterprise Group says it is exiting direct investment in the 1.1-GW Ocean Wind 1 offshore wind energy project set to be built off the state’s coast, inking a deal to sell its 25% equity stake in the multibillion-dollar project to its partner, Denmark-based developer Orsted and grant it full ownership.
The rumored move follows steps taken in recent weeks by two Massachusetts wind project owners to revise or cancel power supply contracts, claiming unforeseen rapid rises in development costs.