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) 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) and BP (BP.L) 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).
