ATLANTIC CITY, N.J. (AP) — Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry.
Some projects already have been canceled, and many offshore wind developers are seeking better terms from governments with whom they have already contracted.
Despite the challenges, some wind projects are moving forward.
Orsted said it is proceeding with its Revolution Wind project in Connecticut and Rhode Island.
And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.
Persons:
” Mads Nipper, “, ”, Louis Knight, Biden, Jeff Van Drew, “ David, Goliath, Robin Shaffer, Orsted, ___, Wayne Parry
Organizations:
CITY, New, Orsted, Northern, World Meteorological Organization, Sierra Club, “, U.S, Government, Office, Republican, Dominion Energy, Virginia Beach, American Clean Power Association, Oceantic Network, Shell, EDF Renewables, Atlantic
Locations:
N.J, New Jersey, Danish, U.S, New England, Carolinas, New York, Coast NJ, Connecticut, Rhode, Virginia, Atlantic Shores, EDF Renewables North America, www.twitter.com