Danish power company Ørsted has completed the sale of its 25% stake in the Ocean Wind offshore wind farm to the New Jersey-based Public Service Enterprise Group (PSEG).

Located off the coast of southern New Jersey, the 1,100MW wind farm will have the capacity to generate enough green energy to power half a million homes in the state.

The facility is expected to come online in 2024, subject to federal permitting timelines, other development and construction activities.

On 4 December, Ørsted and PSEG signed a definitive agreement, under which Ørsted North America agreed to sell its stake in the offshore wind facility.

Ørsted chief commercial officer and deputy group CEO Martin Neubert said: “We’re excited to officially welcome PSEG as a partner on Ocean Wind.

“Our two organisations are well-suited to deliver clean reliable energy to New Jersey and help the state continue on its path to becoming a leader in the American offshore wind industry.”

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In 2019, the New Jersey government unveiled its plans to generate 7,500MW of offshore wind capacity by 2035.

This target was a key component of New Jersey Governor Phil Murphy’s long-term strategy for achieving a fully carbon-free energy supply by 2050.

PSEG chairman, president and CEO Ralph Izzo said: “From creating jobs and strengthening the economy to investing in infrastructure and bringing gigawatts of renewable energy to our coast, offshore wind is critical to New Jersey’s future.

“PSEG is pleased to close on its investment in Ocean Wind and looks forward to working with Ørsted to bring clean energy and new industry to the state.”

Ørsted recently agreed to divest a 50% ownership stake in its Borssele One and Two offshore wind farm project in the Netherlands to Norges Bank Investment Management (NBIM).