Danish wind energy company Ørsted has put up a $100 million guarantee that it will build New Jersey’s first offshore wind farm,
but it will lose that money if the project is not operating by December 2025 — a year after the deadline approved by state utility regulators. According to the Press of Atlantic City, New Jersey’s Board of Public Utilities approved an agreement Wednesday with Ørsted under which the company would forfeit the money if the project is not up and running within 12 months of a series of deadlines previously ordered by the board. 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.