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Value of New Jersey Offshore Wind Lease Rises 21,000 Percent

Dec. 20, 2018, 8:02 PM

An Italian construction company just sold its lease to develop a wind farm in waters off the New Jersey coast for $215 million, about 21,000 percent more than it paid only three years ago.

Toto Holding SpA’s U.S. Wind unit, which paid about $1 million for the lease off Atlantic City in 2015, resold it to Electricite de France SA, which plans to develop the site though a joint venture with Royal Dutch Shell Plc.

It’s the latest sign European energy giants are eager to build wind farms off the U.S. East Coast. Companies including Orsted A/S and Equinor ASA ...

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