DNNGY - Ørsted's New Jersey offshore wind farm wins final U.S. approval

2023-07-05 14:32:42 ET

The U.S. Bureau of Ocean Energy Management approved Ørsted's ( OTCPK:DNNGY ) Ocean Wind 1 project Wednesday, setting the stage for the installation of as many as 98 turbines off the coast of New Jersey.

The project is estimated to have a generating capacity of 1,100 MW, capable of powering more than 380K homes.

Ocean Wind 1 is the third new offshore wind energy project approved by the Biden administration: Ørsted ( OTCPK:DNNGY ) already is building the South Fork wind farm offshore Rhode Island and New York in a joint venture with Eversource Energy; work also is underway on the Vineyard Wind project off the Massachusetts coast, which was approved by the U.S. in May 2021.

Last week, New Jersey's state legislature narrowly approved a measure allowing Ørsted ( OTCPK:DNNGY ) to keep tax credits for the Ocean Wind 1 project that it otherwise would have to return to New Jersey ratepayers.

More on Ørsted:

• Financial and valuation comparison to sector peers
• Analysis: Ørsted: Solid Renewables Company, Undervalued With Strong Pipeline
• Stock price return: Down 1.5% YTD, down 13% in the past 12 months

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