Orsted Quits Norway Offshore Wind as Cost Crisis Deepens
- Company made third-quarter loss after cutting back US projects
- Entire industry faces higher costs for financing, components
Orsted is at the center of a crisis for the offshore wind industry with companies struggling to fund large developments.
Photographer: Carina Johansen/BloombergThis article is for subscribers only.
Orsted A/S has withdrawn from a partnership developing offshore wind projects in Norway as the company grapples with big losses resulting from rising costs.
Orsted quit a consortium with Fred. Olsen Renewables AS and Hafslund Eco citing “a prioritization of investments” in its portfolio, according to the company. The pullback is a further sign of how the world’s largest developer of wind farms is scaling back after being forced to cut some US projects, which resulted in a third-quarter net loss.