Orsted puts up $100M guarantee that it will build New Jersey's first offshore wind farm by 2025

The Danish wind energy company Orsted has put up a $100 million guarantee that it will build New Jersey’s first offshore wind farm. But it will lose that money if the project is not operating by Dec. 2025 — a year after the deadline approved by state utility regulators. New Jersey’s Board of Public Utilities approved an agreement Wednesday with Orsted under which the company would forfeit that money if the project is not up and running within 12 months of a series of deadlines previously set by the board. The guarantee money is required under terms of a tax break New Jersey granted Orsted in July.