Danish wind developer Orsted will pay $125 million to the state of New Jersey to settle claims over the cancellation of two proposed offshore wind farms.
Danish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company's cancellation of two offshore wind farms last year — a little over a third of what the company once was required to pay. The state's Board of Public Utilities said Tuesday that New Jersey and Orsted have settled claims against each other stemming from the company's decision last October to scrap two wind farms off the state's southern coast.
Before the projects were abandoned, Orsted put up a $100 million guarantee that it would have one of them, Ocean Wind I, built by the end of 2025. It also had been obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey. A week after scrapping the projects last fall, Orsted said it was trying to get out of the $300 million worth of guarantees because it was no longer pursuing the projects.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Jersey earthquake: 2.6 magnitude earthquake rattles parts of New Jersey, PennsylvaniaThe month of May started with a rumble for people in parts of New Jersey and Pennsylvania after a minor 2.6 earthquake was reported Wednesday morning.
Read more »
New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projectsDanish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year.
Read more »
New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projectsDanish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year.
Read more »
New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projectsDanish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year.
Read more »
New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projectsDanish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year
Read more »
Associate or Senior Editor, Communications Medicine - Jersey City, New Jersey job with Springer Nature LtdJob Title: Associate or Senior Editor, Communications Medicine Location: Philadelphia, New York, Jersey City, Washington DC (Hybrid Working) Closing date: May 19th, 2024 Nature Portfolio is the world’s leader in publishing high-quality research from across the natural sciences, and is rapidly expanding its footprint in medical...
Read more »