Orsted has begun negotiations with US utility holding company Public Service Enterprise Group (PSEG) to form a joint venture and sell a 25% equity stake in its contracted 1.1GW Ocean City wind project off the coast of southern New Jersey.
The Danish developer, the early pacesetter with the most leaseholds in the emerging US offshore wind industry, earlier informed state regulators that it had signed a memorandum of understanding with PSEG giving it the option to acquire ownership interest.
