Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farms

Start your holiday shopping early with these Insider DealsBusinessFILE - A huge foundation for an Orsted offshore wind turbine, called a monopile, sits atop wheeled movers in Paulsboro, N.J., July 6, 2023. The Danish wind energy developer rsted said it's scrapping its Ocean Wind I and II projects off southern New Jersey due to problems with supply chains, higher interest rates and a failure to obtain desired tax credits.

The company said it was doing so because the board had not taken final action to approve the agreement. It was not immediately clear what will happen next. In the agreement, Orsted and the state agreed not to sue each other over any dispute unless they tried and failed to resolve it through negotiations.

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