The state of New Jersey has awarded a contract for an offshore wind farm to Garden State Offshore Energy (GSOE), a joint venture between Deepwater Wind and Public Service Enterprise Group. GSOE submitted a bid to the New Jersey Board of Public Utilities to build a 350-megawatt wind farm almost 20 miles offshore. The farm will consist of 96 turbines and is expected to be completed by 2012. The project is likely to cost well over $1 billion. As part of the contract, GSOE will receive a $4 million grant from the state of New Jersey to cover permitting costs and to spur project financing though the final project.

The new wind farm is part of New Jersey's Energy Master Plan, a set of goals calling for the state to switch at least 20 percent of its energy to renewable energy sources by 2020. According to the New Jersey Board of Public Utilities, the planned wind farm could produce 1 percent of the state's energy needs.

GSOE competed against other contractors to win the New Jersey project: Fishermen’s Energy, Bluewater Wind, Occidental Development & Equities and Environmental Technologies. GSOE's backer, Deepwater Wind, won a $2 billion offshore wind project in Rhode Island just last week.

Image — GSOE