Danish wind energy developer Orsted is axing plans to develop two major offshore wind energy projects, the company announced late Tuesday.
Orsted will reportedly write off $4.8 billion for the scrapped New Jersey developments.
According to Orsted, the company’s termination of the developments is due to supply chain issues, a lack of tax credits and high interest rates.
The news prompts concerns about the economic viability of clean energy projects in the United States.
