A developer hoping to build America's first offshore wind farm is taking another look at its costs after reports attacked its plans as too expensive, technically unproven and likely to have a negative effect on the local economy.

Fishermen's Energy, a consortium of fishing companies, plans to build the wind farm in New Jersey waters three miles off the coast in a five-turbine pilot project that it hopes will pave the way for a bigger installation in federal waters farther offshore.

But the group received two setbacks in February when separate reports for the New Jersey Board of Public Utilities and the state's Division of Rate Counsel questioned the project's viability, and in one case further recommended that regulators reject the plan.