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The Biden Administration has a punchy target to install 30 gigawatts of offshore wind by the end of the decade. That won’t happen until the numbers stack up for struggling wind farm players.
Shares in Ørsted, the world’s top developer of offshore wind projects, fell 24% Wednesday after the Danish company announced impairments of up to $2.34 billion on wind farm projects in New Jersey, New York and Connecticut.
Already bedevilled by the rising cost of inputs like steel, the list of problems facing the offshore wind industry keeps growing. Ørsted flagged:
