July 9, 2023 — Gov. Phil Murphy signed a bill Thursday to save New Jersey’s first offshore wind farm from financial uncertainty.
The governor held an event in Paulsboro and signed the offshore wind legislation along with two other economic development bills, including one with tax credits for the film industry, to emphasize a narrative about the “21st Century economy” he’s had since taking office.
“We have a once-in-a-generation opportunity right now to bring tens of thousands of overwhelmingly union jobs and billions of dollars of investment to our state with offshore wind,” Murphy said. The marine terminal in Paulsboro and the wind port in Salem County, Murphy added, are “literally building the foundation of our nation’s entire wind industry.”
The offshore wind law will allow energy company Ørsted to keep hundreds of millions of dollars in federal tax incentives that the company otherwise would be required to pass along to state utility customers. Without the deal, the company and Murphy administration officials said the wind farm would not be built. In exchange for the relief, Ørsted agreed — and now by law will be obligated — to spend $200 million at the Paulsboro port where Murphy signed the bill.
The bill cleared the Senate and Assembly on the same day as the state budget last week.