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The Independent UK
The Independent UK
National
Wayne Parry

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

Orsted New Jersey Phil Murphy wind power
Copyright 2023 The Associated Press. All rights reserved.

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. The company cited supply chain issues, inflation and a failure to gain enough government tax credits.

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