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A bill to let offshore wind developer Ørsted (OTCPK:DNNGY) keep tax credits that it otherwise would have to return to New Jersey ratepayers was narrowly approved by the state legislature Friday.
The bill to allow Ørsted (OTCPK:DNNGY) to keep federal tax credits was designed to help offset perceived lingering economic effects from the COVID-19 pandemic and high inflation that hindered development of the Ocean Wind I project, which aims to generate enough electricity to power 500K homes.
Amendments added to the legislation in recent days require the company to post a $200M guarantee with the state and prepare a report on the financial viability, environmental impacts and likelihood of finishing the project on time.
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