PSEG to sell its 25% equity interest in Ocean Wind 1 to Ørsted; close expected H1 2023

PUBLIC SERVICE ENTERPRISE GROUP INC

PSEG sells its 25% equity stake in the 1,100 MW Ocean Wind 1 offshore wind project to Ørsted.
PSEG will continue to support onshore infrastructure construction for the project.
Transaction expected to close in first half of 2023; initial power delivery end of 2024.
No financial terms disclosed; PSEG cites optimized tax structure as reason for sale.
PSEG remains committed to New Jersey offshore wind through transmission and other investments.

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