Danish wind energy company Orsted has reached a $100 million agreement with New Jersey officials, pledging to complete the state's first offshore wind farm by Dec. 2025.
The Danish wind energy company Orsted has put up a $100 million guarantee that it will build New Jersey's first offshore wind farm. But it will lose that money if the project is not operating by Dec. 2025 — a year after the deadline approved by state utility regulators.
If Orsted forfeits the money, it could be returned to New Jersey utility ratepayers.
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