Orsted Books $4 Bln Impairments, Walks Away From Two US Offshore Projects

Orsted booked a 28.4 billion Danish kroner ($4.02 billion) impairment cost within the third quarter associated to its U.S. offshore wind portfolio and mentioned it’s going to cease growth of two wind farm initiatives off the coast of New Jersey amid spiraling prices and provider delays.

The Danish renewable-energy firm had beforehand warned of as much as DKK16 billion of impairments after flagging growing supply-chain dangers at U.S. initiatives, whereas a scarcity of favorable progress on U.S. tax credit and better rates of interest have been additionally sending undertaking prices greater.