Ørsted U.S. Offshore Wind, a Danish offshore wind developer, and Public Service Enterprise Group (PSEG), a New Jersey-based utility, announced on October 29, 2019 the beginning of exclusive negotiations for PSEG to become an equity investor in the 1.1 GW New Jersey offshore wind project, Ocean Wind. If negotiations are successful, PSEG would acquire 25% of the Ocean Wind project. PSEG was already connected to the project, having pledged its energy management services and leased land for its development. The New Jersey Board of Public Utilities unanimously granted Ørsted the winning bid in June of this year and the project serves as the first of three solicitations by New Jersey to secure 3.5 GW of offshore wind energy by 2030. The project, located 15 miles off the coast of Atlantic City, is the single largest award for offshore wind in the country to date and will supply power to half a million New Jersey homes. Ocean Wind is expected to come online in 2024 but it remains subject to permitting and final investment decisions.

References：https://nj.pseg.com/newsroom/newsrelease112