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 — a little over a third of what the company once was required to pay.
The state’s Board of Public Utilities said Tuesday that New Jersey and Orsted have settled claims against each other stemming from the company’s decision last October to scrap two wind farms off the state’s southern coast.
The state said the $125 million it will receive will be used to support investments in wind energy facilities, component manufacturing facilities, and other clean energy programs.
Before the projects were abandoned, Orsted put up a $100 million guarantee that it would have one of them, Ocean Wind I, built by the end of 2025. It also had been obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey.
UN human rights experts ask Belarusian authorities to help a political prisoner dying of cancer
Cable car accident in Turkey sends 1 passenger to his death and injures 7, with scores stranded
Firearms Prohibition Orders changes just 'window dressing'
Meta won't renew commercial deals with Australian news media
Wisconsin Republican leader who angered Trump is targeted for recall a 2nd time
Trump, Speaker Johnson meet at Mar
A priest from France accused of sexually assaulting children in the Canadian Artic has died
How O.J. Simpson burned the Ford Bronco into America's collective memory
US and Philippines step up strategic partnership as China threats loom in South China Sea
Christie Brinkley, 70, reveals why posing for Sports Illustrated Swimsuit made her too self
Argentina's populist president meets billionaire Elon Musk in Texas — and a bromance is born