The developers of 2.4 GW Leading Light offshore wind project have notified the New Jersey Board of Public Utilities (BPU) that they cannot proceed with the project under the terms of the Board’s 2024 offshore renewable energy certificate (OREC) award.
The companies, Invenergy and energyRE, told regulators they will not make the binding compliance filing required by the Board’s January 2024 order, effectively ending its ability to advance the project under the awarded OREC terms.
The notice said the developers will continue work on the project ‘as conditions allow’ and may pursue future solicitations.
They cited a series of economic, regulatory and supply chain challenges faced across the offshore wind industry. The letter referenced difficulties with equipment, vendors and evolving regulatory requirements, noting that these conditions have made development of new projects ‘extremely difficult’.
The developers previously sought and received a stay of the enforcement of the Board’s order, halting compliance obligations through late 2024. Invenergy later filed multiple motions to extend the stay, which the Board had not acted on at the time of the letter. Because of the stay and pending motions, the company said it has not undertaken any actions required by the OREC award, including submitting filings that would bind the project to the January order.
Invenergy said it has committed significant time and financial resources to the project and maintains that offshore wind can deliver substantial benefits to New Jersey and its residents.
The company formally withdrew its motion to extend the stay, stating the request is now moot due to its decision not to proceed.