By Dominic Chopping

Danish renewable-energy company Oersted AS said Wednesday that it has agreed to acquire Public Service Enterprise Group's 25% equity stake in the 1,100 megawatt offshore-wind-energy project Ocean Wind 1 off the coast of New Jersey in the U.S.

The acquisition means Oersted will have 100% ownership of Ocean Wind 1, while PSEG will support onshore infrastructure construction, it said.

"As Ocean Wind 1 has evaluated the optimal way to move forward, it has become clear that it is best for the project for PSEG to step aside and allow for a better positioned investor to join the project, so that it can proceed with an optimized tax structure," said Lathrop Craig, chief commercial officer at PSEG.

The transaction is expected to close in the first half of 2023 and first power from Ocean Wind 1 is scheduled for the end of 2024, with full commissioning expected in 2025.

Financial terms weren't disclosed.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

January 18, 2023 09:30 ET (14:30 GMT)

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