New Jersey will receive $125 million from Ørsted — a forfeiture that was originally $300 million — after reaching a settlement with the Danish developer that backed out on its plans for two offshore wind farms.
If it did not, the law stipulated, the money would go to New Jersey, a spokesperson for the governor previously confirmed. “The clawback settlement of $125 million from Ørsted — while not near the amount they owed to New Jersey — is a good downpayment on expanding the offshore wind supply chain,” Doug O’Malley, director of Environment New Jersey, told NJ Advance Media in a statement. “Ørsted owed more, but it is unclear if they could have been forced to pay the full bill.”
However, former state Senate President Stephen Sweeney, a Democrat who helped promote wind development and is now running to succeed Murphy as governor next year, said it was “not realistic” to expect the full money back. The wind port in Paulsboro N.J. where massive monopiles for wind turbines sit on site on March 11, 2024. Before the port fully opens, Ørsted needs to fully vacate from it, local officials said.The fifth offshore wind solicitation window, originally scheduled to start in the third quarter of 2026, will now happen from April to June 2025.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: NBCNewYork - 🏆 270. / 63 Read more »