Land-based wind turbines spin in Atlantic City. N.J., on Nov. 3, 2023. On Tuesday, April 30, 2024, New Jersey utility regulators opened a fourth round of solicitations for new offshore wind farm proposals to join the three that already have preliminary approval. Land-based wind turbines spin in Atlantic City. N.J., on Nov. 3, 2023.
Before the projects were abandoned, Orsted put up a $100 million guarantee that it would have one of them, Ocean Wind I, built by the end of 2025. It also had been obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey.Orsted, in a statement to The Associated Press, said it is “pleased” with the settlement, which it said represents the company’s total financial obligation to the state.
The settlement announcement was one of several that the administration of Democratic Gov. Phil Murphy made Tuesday regarding offshore wind.