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New Jersey developer says it’s giving up on offshore wind
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.
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. (Johnson, NJ Spotlight)