REG-Ørsted A/S Ørsted to acquire PSEG’s equity share in Ocean Wind 1

Oersted A/SAnnouncement

18/01/2023 13:15

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   Ørsted A/S (Orsted)
   Ørsted to acquire PSEG’s equity share in Ocean Wind 1

   18-Jan-2023 / 14:12 CET/CEST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   18.1.2023 14:11:59 CET | Ørsted A/S | Investor News

   Ørsted has signed an agreement to acquire Public Service Enterprise
   Group’s (PSEG) 25 % equity stake in the 1,100 MW offshore wind energy
   project Ocean Wind 1 located approx. 24 km off the coast of southern New
   Jersey in the US. The acquisition provides Ørsted with 100 % ownership of
   Ocean Wind 1.

   As Ocean Wind 1 continues its planning and development, Ørsted will ensure
   the project delivers affordable energy to New Jersey, while providing
   economic opportunity across the state and region. PSEG will support
   onshore infrastructure construction.  
    
   “PSEG has been a valuable partner as we’ve advanced Ocean Wind 1 to this
   point, and as we’ve successfully advanced our offshore wind vision in the
   US. With a well-established presence in the US, we’re confident in our
   ability to drive the project forward with commercial operations beginning
   as planned,” said David Hardy, Executive Vice President and CEO of Region
   Americas at Ørsted. 
    
   Ørsted has 30 years of experience in offshore wind energy, including
   operating the first US offshore wind farm off the coast of Rhode Island.
   As the US leader in offshore wind with 5 GW in development, Ørsted is
   advancing the offshore wind industry supply chain, having stimulated more
   than USD 2 billion in US investments to date. 
    
   “As Ocean Wind 1 has evaluated the optimal way to move forward, it’s
   become clear that it’s best for the project for PSEG to step aside and
   allow for a better positioned investor to join the project, so that it can
   proceed with an optimised tax structure. While this was a difficult
   decision, it was driven by the best interests of the project and New
   Jersey’s offshore wind goals. PSEG will continue to actively support
   offshore wind in New Jersey and the region,” said Lathrop Craig, Senior
   Vice President and Chief Commercial Officer at PSEG. 
    
   The transaction between Ørsted and PSEG is expected to close in the first
   half of 2023, pending the required closing conditions. The first power
   from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning
   is expected in 2025. 

   In the US, Ørsted has approx. 650 employees and a growing portfolio of
   clean energy assets and partnerships, which includes offshore wind energy,
   onshore wind energy, solar PV, storage technologies, and e-fuels. Ørsted
   holds the top position in offshore wind energy with approximately 5 GW in
   development and operates America’s first offshore wind farm, located off
   the coast of Block Island in Rhode Island. Ørsted has a total US
   land-based capacity of 5 GW across wind, solar PV, storage technologies,
   and e-fuels. 

   For further information, please contact:

   Media Relations
   Tom Christiansen
   +45 99 55 60 17
    1 tomlc@orsted.com  

   Investor Relations
   Rasmus Keglberg Hærvig
   +45 99 55 90 95
    2 IR@orsted.com 

   About Ørsted 
   The Ørsted vision is a world that runs entirely on green energy. Ørsted
   develops, constructs, and operates offshore and onshore wind farms, solar
   farms, energy storage facilities, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate
   Change A List as a global leader on climate action and was the first
   energy company in the world to have its science-based net-zero emissions
   target validated by the Science Based Targets initiative (SBTi).
   Headquartered in Denmark, Ørsted employs approx. 7,700 people. Ørsted's
   shares are listed on Nasdaq Copenhagen (Orsted). In 2021, the group's
   revenue was DKK 77.7 billion (EUR 10.4 billion). Visit  3 orsted.com or
   follow us on Facebook, LinkedIn, Instagram, and Twitter.

       Attachments

     •  4 Investor News Ørsted to acquire PSEG's share of Ocean Wind 1.pdf

   News Source: Ritzau

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  216710
   EQS News ID:   1538205


    
   End of Announcement EQS News Service

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References

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