New Jersey Wins $125M Settlement From Orsted Over Canceled Wind Farms

New Jersey officials announced a $125 million settlement with Denmark's Orsted following the cancellation of two offshore wind farms. The funds are earmarked for wind component manufacturing and future wind farm investments, as highlighted by the New Jersey Board of Public Utilities.

New Jersey officials said the state will receive $125 million from a legal settlement with Denmark's Orsted over the company's cancellation last year of two offshore wind farms.

In a statement from the New Jersey Board of Public Utilities, the state said the funds will be used for investments in wind component manufacturing facilities and wind farms.