Danish wind power developer Orsted is canceling two offshore wind projects that were planned off the coast of New Jersey. Orsted has also announced a $4 billion write-down for the first nine months of the year. The Ocean Wind 1 project would have been New Jersey’s first offshore wind farm. The project would have generated enough electricity to power half a million homes starting in 2025.
Reasons that led to the cancellation of Orsted’s projects in New Jersey include:
- Significant adverse developments from supply chain challenges
- Delays in the project schedule
- Rising interest rates
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