Sarlo Demands $100 Million from Orsted’s Escrow for Abandoning Commitment

Trenton – Senator Paul Sarlo, the chairman of the Senate Budget Committee, issued the following statement on Orsted’s plan to abandon its agreement to construct the Ocean Wind 1 and 2 wind farms:

“When the Senate Budget Committee considered the legislation that allowed Orsted to qualify for a federal tax credit I demanded a non-refundable, irrevocable cash bond of $100 million to be put in escrow as a guarantee. It was a definitive commitment intended to hold their feet to the fire.

“Now that Orsted is defaulting on the agreement and breaking its promise, I am demanding that the Attorney General act immediately to secure the $100 million which was required to be deposited into a state bank account immediately by the legislation.

“The cash bond was included because the legislature was always suspect of Orsted’s ability to meet their financial commitment.”