Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farms

By WAYNE PARRY
Associated Press

OCEAN CITY, N.J. (AP) — 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. In a letter to the New Jersey Board of Public Utilities, Orsted said it was backing out of a deal to forfeit the money if it did not build Ocean Wind I. Orsted says it can do so because the state had not given final approval to the agreement.