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.
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.projects in southern New Jersey, saying the projects were no longer financially feasible. The company cited supply chain issues, inflation and a failure to gain enough government tax credits.
The company said it was doing so because the board had not taken final action to approve the agreement. 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.
The company agreed to put up a $100 million guarantee that it would have Ocean Wind I built by the end of 2025. It also was obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey.last week, due largely to costs associated with the cancellation of its two New Jersey projects.
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