Offshore wind pacesetter Orsted finalised its buyout of utility partner PSEG’s 25% stake in New Jersey's flagship offshore wind project, the 1.1GW Ocean Wind 1.

“With today's executed agreement, Orsted has reimbursed PSEG for all of its cumulative outlays in the Ocean Wind 1 project, and Orsted now owns 100% of New Jersey's first offshore wind farm,” the US unit of the Danish utility said in a statement.