Orsted, the global wind energy developer, says its first offshore wind farm in New Jersey will be delayed until 2026 due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government.
The Danish company revealed the delay during an earnings conference call Wednesday, during which it said it could be forced to write off about $2.3 billion on U.S. projects that are worth less than they had been. Congressman Van Drew released the following statement after Orsted announced that it will be delaying its Ocean Wind I project until 2026. “While this is a victory, we cannot take the pressure off of these companies. Offshore wind projects have been nothing more than money grabs for global elites,” said Congressman Van Drew. “Once the facts presented themselves, the people of South Jersey began to speak out. Today is a culmination of that effort, but we won’t stop here.”