Ocean Wind 1 (1,100 MW) + Ocean Wind 2 (1,148 MW) offshore wind, off Atlantic City, New Jersey
Ørsted ceased development of Ocean Wind 1 and 2 — combined 2,248 MW NJ offshore wind. Cited supply chain constraints, high interest rates, insufficient tax credits. $4B total impairment ($2.8B for Ocean Wind 1). Largest US offshore wind cancellation to date. Triggered industry-wide repricing/restructuring.
$4.00B
Deal Value
2,248MW
Capacity
Offshore Wind
Technology
NJ
Location
Deal Details
- Deal Type
- Power Purchase & Offtake
- Seller / Sponsor
- Ørsted
- Buyer / Financier
- New Jersey ratepayers (NJ BPU OREC)
- Deal Value
- $4B impairment (Ocean Wind 1 alone $2.8B)
- Stage
- Cancelled
- ISO/RTO
- PJM
- Source
- Ørsted
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