US power utility Public Service Entreprise Group (PSEG) is now officially buying its way into Ørsted's offshore wind project, Ocean Wind, the Danish group announces Friday afternoon.

The transaction takes place after almost a year's preparation. Already back in late October last year, the partners revealed that they were in talks on PSEG becoming a co-owner of the facility, to which New Jersey allocated 1.1 GW in its first offshore wind tender. The two companies already have a joint venture on the almost equally large Golden State project, which could be a candidate in the state's ongoing solicitation.