Northland to take breather from offshore wind following Hai Long and Baltic Power financing - Recharge
Northland to take breather from offshore wind following Hai Long and Baltic Power financing | Recharge
Canadian energy firm Northland Power confirmed it would not pursue further offshore wind projects “for two or three years”, according to CEO Mike Crawley, following successful financial close of two projects in Poland and Taiwan.
“We can pause on offshore wind now that we've locked down our costs on these two large projects, execute on them and then come back to the market in two- or three-years’ time to procure for a future pipeline,” said Crawley, highlighting steep inflation and financing costs and turmoil in the supply chain.
Related Knowledge Center: ENERGY BASICS: wind
Decades of government support for the development of wind energy has resulted in lower costs and a rapidly growing share of electricity generated by wind turbines. Wind in 2019 accounted for 7.3 percent of electrical generation, surpassing for the first time hydropower at 7.0 percent.