By Dominic Chopping

Danish offshore wind developer Oersted AS said Friday that it has agreed to sell a 25% stake in its 1,100 megawatt Ocean Wind offshore wind project to New Jersey's Public Service Enterprise Group.

Oersted's Ocean Wind project was selected in 2019 to build New Jersey's first large-scale offshore wind farm, located off the coast of Atlantic City, with the project expected to provide first power in late 2024.

Financial details weren't disclosed.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

December 04, 2020 08:39 ET (13:39 GMT)