Before the projects were abandoned, Ørsted had provided a USD 100 million guarantee to complete one of them, Ocean Wind 1, by the end of 2025. Additionally, the company was obligated to contribute USD 200 million toward developing the offshore wind industry in New Jersey.
According to the developer, supply chain disruptions, rising interest rates, and inflation were some of the causes of the discontinuation of the Ocean Wind 1 and Ocean Wind 2 offshore wind projects.
Located about 24 kilometres southeast of Atlantic City, the 1.1 GW Ocean Wind 1 was planned to feature 98 Haliade-X 12 MW wind turbines and up to three offshore substations within its lease area.
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Ørsted Cancels Two Wind Projects Offshore New Jersey, Clears Revolution Wind for Takeoff
Last November, the company wrote off almost EUR 3.8 billion , due largely to costs associated with the cancellation of its two offshore wind projects (DKK 19.9 billion).
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