OCEAN CITY, N.J. (AP) — The Danish wind energy company Orsted has put up a $100 million guarantee that it will build New Jersey's first offshore wind farm.
But it would forfeit the guarantee money if the project is not operational by December 2025.
As an example, on Thursday, New York regulators rejected a request from companies for larger subsidies to complete large-scale wind, solar and offshore wind projects, saying the expected the companies to abide by the terms of their deals with the state.
“I can affirm that Ocean Wind I shall complete and operate the Ocean Wind I approximate 1,100-megawatt qualified offshore wind project,” he wrote.
Orsted has federal approval for the Ocean Wind I project, and has state approval for a second New Jersey project, Ocean Wind II.
Persons:
Orsted, —, Phil Murphy, Governor Murphy, ”, David Hardy, “, Wayne Parry
Organizations:
CITY, New Jersey's, Public Utilities, Orsted, Democratic, Boston, Twitter
Locations:
N.J, New Jersey, East, , New York, North America, www.twitter.com