A Danish renewable energy group booked huge impairment losses Thursday after it pushed back the launch of one of its U.S. offshore wind projects, according to its first-half 2024 earnings report.
Orsted estimated the value of its assets declined $472 million in the first half of 2024, largely due to delays at the onshore substation for its 704 megawatt (MW) “Revolution Wind” project off the coast of Rhode Island and Connecticut, the report showed. The company also reported a variety of other problems, including losses related to its cancellation of its Ocean Wind projects in New Jersey and its abandoned effort to produce eco-friendly methanol in Sweden.