Offshore wind developments faced a slowdown in 2023 as rising inflation, higher borrowing costs and supply chain snags led to a jump in costs.
Renewable energy firm Orsted (ORSTED.CO), opens new tab last year halted the development of two U.S. offshore wind projects and said related impairments had surged above $5 billion.
Earlier this year, European energy firms Equinor (EQNR.OL), opens new tab and BP (BP.L), opens new tab terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm.
The SouthCoast Wind project was created in 2018 as a 50-50 joint venture to develop a proposed offshore wind farm with a capacity of about 2,400 megawatt (MW).
