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.
FILE - A huge foundation for an Orsted offshore wind turbine, called a monopile, sits atop wheeled movers in Paulsboro, N.J., July 6, 2023. The Danish wind energy developer Ørsted said it’s scrapping its Ocean Wind I and II projects off southern New Jersey due to problems with supply chains, higher interest rates and a failure to obtain desired tax credits. Land-based wind turbines spin in Atlantic City N.J. on July 20, 2023. Wind developer Orsted scrapped the project on Oct.
It was not immediately clear what will happen next. In the agreement, Orsted and the state agreed not to sue each other over any dispute unless they tried and failed to resolve it through negotiations.
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