Orsted delays 1st New Jersey wind farm until 2026; not ready to ‘walk away’ from project

Published August 31, 2023 3:46 PM

By WAYNE PARRY
Associated Press

OCEAN CITY, N.J. (AP) — Orsted, the global wind energy developer, says its first offshore wind farm in New Jersey will be delayed until 2026. The Danish company said Wednesday that’s due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government. The company says it could be forced to write off about $2.3 billion on U.S. projects that are worth less than they had been. It also said it had considered simply abandoning the Ocean Wind I project off the southern New Jersey coast. But Orsted still believes the wind farm off Ocean City will be profitable in the long run.

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