PSEG to sell its 25% equity stake in Ocean Wind 1 to Orsted, no terms disclosed

Public Service Enterprise Group has agreed to sell Orsted its 25% equity stake in the Ocean Wind 1 offshore wind energy project, providing Orsted with 100% ownership of the project. Orsted, America’s largest offshore wind energy company, will proceed with development of the project with PSEG supporting onshore infrastructure construction. The transaction between Orsted and PSEG is expected to close in the first half of 2023, pending the required closing conditions. The initial delivery of power from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning is expected in 2025.