UK Markets closed

Denmark's Orsted buys remaining stake in US wind power project

FILE PHOTO: Illustration shows Electric power transmission pylon miniatures and Orsted logo

OSLO (Reuters) -Denmark's Orsted said on Wednesday it had agreed to buy Public Service Enterprise Group's (PSEG) 25% stake in the 1,100 megawatt wind power project Ocean Wind 1 off the cost of New Jersey, raising its stake to 100%.

The first power production from Ocean Wind 1 is scheduled for the end of 2024 and full commissioning is expected in 2025, Orsted said in a statement.

It did not reveal how much it had paid for the stake.

PSEG's exit would allow the project to "proceed with an optimised tax structure", the U.S. company said in the statement without elaborating.

(Reporting by Terje Solsvik, editing by Anna Ringstrom)