Charges unveiled by two offshore wind sector leaders highlight the challenges the fast-growing renewables industry is facing, ranging from quality issues to cost inflation, that are hitting profit outlooks.
, the world's No. 1 offshore wind farm developer, late on Thursday announced a writedown on a large U.S. offshore wind project and an earnings forecast for 2023 that fell short of analyst estimates., the world's biggest offshore wind turbine maker, reported a 472 million euro hit to operating profit due to faulty turbine components that require higher warranty and maintenance provisions.
"Higher interest rates and a stricter monetary environment lead to increased financing costs as well as availability of financing for developers," Jefferies analysts wrote last week.Orsted shares tumbled by more than 7% on Friday after it announced a 2.5 billion Danish crown writedown on its Sunrise Wind project off the coast of New York, citing changes to its earnings projections.
Shares in Siemens Gamesa were unchanged due to a standing tender offer by German parent Siemens EnergyIt said that a broad mix of components had exposed quality flaws during an in-depth analysis, requiring the company to pay for potential future failures.
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