Betting $1 million on offshore New Jersey wind paid off big time

Wind turbines in fog

CHRIS MARTIN / BLOOMBERG – Over the past year, U.S. Wind got calls “every day” to sell a lease the energy company bought for $1 million in 2015 in its push to build a wind farm off the New Jersey coast.

“Each time we’d say no,” said Salvo Vitale, the company’s chief counsel, but the offers kept rising. Finally, just before the year ended, they hit a level the company couldn’t resist after New Jersey’s new governor, Phil Murphy, helped push through a mandate that 50 percent of the Garden State’s power would come from renewable sources by 2030 …

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