New Jersey § 48:3-87

§ 48:3-87.

a. Within 60 days of the date of enactment of P.L.2023, c. 99 ( C.48:3-87.2a et seq. ), 1 an eligible qualified offshore wind project that elects to retain incremental federal

tax benefits pursuant to section 3 of P.L.2023, c. 99 ( C.48:3-87.2c ) shall file with the board, in a form and manner as determined by the board, a compliance

filing that includes the following information: (1) an affidavit from a corporate officer with authority to legally bind the project

company affirming that the project company shall complete the qualified offshore wind

project and any investments in qualified wind energy facilities identified pursuant

to paragraph (2) of this subsection; (2)(a) a schedule by which the qualified offshore wind project shall make: (i) all required outstanding investments in qualified wind energy facilities included

within the project's awarded solicitation application; and (ii) required additional investments in qualified wind energy facilities, including

investments in one or more offshore wind component manufacturing facilities located

in an enhanced area. (b) The schedule shall include the dates by which the project company shall complete

the necessary investments described in this subsection and the dollar amount of each

investment. The schedule shall be approved by the board so long as it is consistent with the

project's, and any affiliated New Jersey offshore wind project's, awarded solicitation

application and will not result in the delayed completion of any qualified wind energy

facility or any other qualified offshore wind project. Nothing in this paragraph shall be construed as preventing the board and the qualified

offshore wind project from agreeing to a schedule that diverges from that set forth

in the awarded solicitation applications. The schedule may be adjusted with the board's approval for good cause shown; (3) in support of the investments enumerated in the schedule filed with the board

pursuant to paragraph (2) of this subsection, no later than 90 days after the date

of enactment of P.L.2023, c. 99 ( C.48:3-87.2a et seq. ), the qualified offshore wind project shall deposit $200,000,000 into an escrow account,

which shall be available to qualified wind energy facilities described in paragraph

(2) of this subsection in accordance with milestones and commercial terms agreed to

by the qualified offshore wind project and the qualified offshore wind energy facilities

and the board; and (4)(a) an obligation to post a performance security in the amount of $100,000,000

for the completion of the qualified offshore wind project in the form of a parent

company guarantee or other financial security reasonably acceptable to the board.

The performance security under this paragraph shall be forfeited if the board determines

that the project failed to reach commercial operation within 12 months of the date

approved by the board, including any extensions to the date specified in the initial

order as may be approved by the board. The performance security shall be provided in a compliance filing made with the board

within 90 days of enactment of P.L.2023, c. 99 ( C.48:3-87.2a et seq. ). If the performance security is forfeited, the board may elect to return the funds

to ratepayers or may utilize the forfeited funds to support infrastructure necessary

to advance the offshore wind industry. (b) The performance security under this paragraph shall not be forfeited if the board

finds that the project did not achieve commercial operation within 12 months after

the board-approved commercial operations date due solely to a change in federal law,

policy, or procedures that affect the entire industry and result in material delays

to the project through no faults of its own. A finding by the board that the performance security is not forfeited pursuant to

this subparagraph shall not, in and of itself, constitute board approval of a change

to the project's OREC Pricing Schedule. b. The board shall consult with the New Jersey Economic Development Authority in its

review of the compliance filings made pursuant to this section but shall not unreasonably

delay or condition its acceptance of the compliance filings. 1

L.2023, c. 99 enacted July 6, 2023.