September 9, 2024 | njspotlightnews.org
When Ørsted abandoned its plans for a massive wind farm off the Jersey Shore, it was a major blow to the Murphy administration and its promise of more renewable energy serving the state by 2040.
But the energy developer’s exit does not represent a total loss, as it readies to sell its ocean leases amid signs of strong demand from developers.
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NJ SEED: The leases held by Orsted are becoming more attractive to potential offshore wind project investors as inflation appears to be slowing and the fed is likely to lower interest rates in the near future. Ørsted, claims it is continuing to “evaluate options” for the lease areas.
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