Land-based wind turbines turn in Atlantic City, N.J. on July 20, 2023. On Oct. 2, 2023, New York based Attentive Energy said it plans to build a wind energy farm 42 miles off the coast of Seaside Heights, N.J., the farthest offshore of the seven wind projects publicly proposed for New Jersey and among the farthest offshore on the U.S. East Coast. – The Danish wind energy company Orsted has put up a $100 million guarantee that it will build New Jersey's first offshore wind farm.
Those deadlines call for the project to reach commercial operation in stages by May 1, Sept. 1 and Dec. 1, 2024. But it would forfeit the guarantee money if the project is not operational by December 2025. As an example, on Thursday, New York regulators rejected a request from companies for larger subsidies to complete large-scale wind, solar and offshore wind projects, saying the expected the companies to abide by the terms of their deals with the state.
In August, Orsted said the project would be delayed until 2026 due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government. An affidavit filed with the board last month by David Hardy, CEO of Boston-based Orsted North America, committed the company to carrying out the project once the board approved the guarantee, which was done on Wednesday.