Business & Tech
New Jersey Developer Says It's Giving Up on Offshore Wind
NRG Energy scraps plans for wind farm off Jersey coast, puts NRG Bluewater Wind on the block.
The fate of New Jersey’s offshore wind projects took an unexpected turn this week, with the announcement by one of a handful of companies bidding to develop a wind farm off the coast that it is pulling out of such projects, according to a report in NJ Spotlight.
NRG Energy on Monday announced it would terminate an agreement to build a 200-megawatt wind farm off the coast of Delaware. Yesterday, it said it would put its subsidiary, NRG Bluewater Wind, up for sale and not proceed with its proposal to build a wind farm off the Jersey coast.
The decision comes at a time when New Jersey has been struggling to adopt a complicated financing program that would support the development of 1,000 megawatts of offshore wind capacity through ratepayer subsidies, a process NRG Bluewater Wind had been a key player in structuring.
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