The Danish energy company Orsted has reached a settlement with New Jersey regarding its decision to cancel two offshore wind projects last year. Under the agreement, Orsted will pay $125 million to the state, which will be utilized to support investments in wind energy facilities, manufacturing facilities, and other clean energy programs. This settlement comes after Orsted initially pledged a $100 million guarantee for the construction of one of the wind farms, Ocean Wind I, by 2025, along with an additional $200 million obligation towards the development of the offshore wind industry in New Jersey. While some environmentalists criticize the settlement as a compromise, Orsted views it as fulfilling its financial commitment to the state. The deal marks a significant step in New Jersey's efforts to advance offshore wind projects and underscores the state's dedication to renewable energy initiatives.