Orsted to Go Ahead With Building Giant UK Offshore Wind Farm
- Hornsea-3 project is the company’s biggest UK project to date
- Decision points to a turning point for the offshore industry
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Orsted A/S has decided to go ahead with a major UK wind park, removing doubts over whether it could make the project financially viable as it works to bolster its balance sheet after one of its worst years ever.
The final investment decision on the 2.9 gigawatt project shows that the offshore wind industry is picking back up, after a crisis year. While it’s positive for the world’s biggest offshore wind developer, Orsted still has major financing hurdles to overcome. Shares in the company rose as much as 5%.