The decision was the result of a process run by the BPU's Office of Clean Energy. The Garden State Energy proposal was chosen from among five submitted to New Jersey regulators for evaluation. GSOE will also receive a $4 million grant from the state of New Jersey, 10 percent of which will be received upfront to offset a portion of the costs of the studies. The remainder will be received upon commercial operations. The completion of the project is dependent on receipt of all required permits, ongoing analysis of environmental impacts, wind quality studies, energy markets, financing and other conditions. The decision to proceed, as well as final location, design and construction schedules, could be affected by these factors.
. a $105 million solar loan program (run by PSE&G).
. the formation of a joint venture, Energy Storage and Power, which is promoting compressed
air energy storage.
. The launching of Solar Solutions, which seeks to build and own larger scale solar installations
in the Northeast.
. Operation of biomass facility in New Hampshire.
Deepwater Wind was established to develop utility-scale offshore wind projects in the northeastern part of the United States. The company's major investors are D.E. Shaw & Co., a global investment and technology firm with deep experience in the energy sector and First Wind, a major developer of onshore wind projects in the United States.