Democrat President Joe Biden’s globalist green agenda has just been hit with a severe blow after the world’s largest offshore wind farm developer abandoned two major U.S. projects.
Danish wind energy company Orsted A/S announced it has pulled out of the projects due to supply chain and interest rate impacts and recorded impairment charges well above previous forecasts.
Orsted says it was forced to cease the development of the Ocean Wind 1 and 2 projects off the coast of New Jersey. The news comes amid a wider downturn in the green energy industry.
Orsted reported $4 billion in losses in the first nine months of 2023, most of which, the company said, are attributable to Ocean Wind 1.