World's Largest Offshore Wind Farm-Developer Abandons Two Major US Projects As Renewable Bust Erupts
President Biden's 'wind revolution' is blowing down as the world's largest offshore wind farm developer abandoned two major US projects due to supply chain and interest rate impacts and recorded impairment charges well above previous forecasts.
Orsted A/S announced, "US offshore wind projects have experienced further negative developments from adverse impacts relating to supply chains, increased interest rates, and the lack of an OREC (Offshore Renewable Energy Certificate) adjustment on Sunrise Wind," which has forced it to cease the development of the Ocean Wind 1 and 2 projects off the coast of New Jersey.
Orsted said, "Total impairments recognized in the interim financial report for the first nine months of 2023 amount to DKK 28.4 billion [$4 billion], and the majority of these (DKK 19.9 billion) relate to Ocean Wind 1." This figure is much larger than the previously announced impairment in August on its US portfolio of up to DKK 16 billion.
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