OCEAN CITY, N.J. (AP) — Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state's coast.
Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were no longer financially feasible.
It also was obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey.
Orsted wrote off $4 billion last week, due largely to costs associated with the cancellation of its two New Jersey projects.
New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.
Persons:
Orsted, ” Orsted, Phil Murphy, Alexandra Altman, Murphy, Wayne Parry
Organizations:
CITY, New, New Jersey Board of Public Utilities, Gov, Republican, Shell, EDF Renewables, Twitter
Locations:
N.J, New Jersey, Danish, ”, . New Jersey, Atlantic Shores, EDF Renewables North America, www.twitter.com