2023-06-30 18:36:34 ET
A bill to let offshore wind developer Ørsted ( OTCPK:DNNGY ) keep tax credits that it otherwise would have to return to New Jersey ratepayers was narrowly approved by the state legislature Friday.
The bill to allow Ørsted ( OTCPK:DNNGY ) to keep federal tax credits was designed to help offset perceived lingering economic effects from the COVID-19 pandemic and high inflation that hindered development of the Ocean Wind I project, which aims to generate enough electricity to power 500K homes.
Amendments added to the legislation in recent days require the company to post a $200M guarantee with the state and prepare a report on the financial viability, environmental impacts and likelihood of finishing the project on time.
More on Ørsted:
- Financial and valuation comparison to sector peers
- Analysis: Ørsted: Solid Renewables Company, Undervalued With Strong Pipeline
- Stock price return: Up 2% YTD, down 9.5% in the past 12 months
For further details see:
Wind developer Ørsted ekes out tax break win in New Jersey legislature