New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projects
By WAYNE PARRY
Associated Press
ATLANTIC CITY, N.J. (AP) — Danish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year. The state’s Board of Public Utilities says the state and Orsted have settled claims against each other stemming from the company’s decision last October to scrap two wind farms off New Jersey’s southern coast. Before Orsted backed out of its two projects, it was on the hook for $300 million in guarantees and payments. Environmentalist Jeff Tittel calls the settlement a bad deal that lets Orsted get out of most of what it promised to pay if the projects failed.
