RWE CEO sees no need for writedowns on major U.S. offshore wind project
Photo: Reuters
RWE, the world’s second-largest offshore wind developer, said it does not plan to write down its 3-gigawatt Community Offshore Wind project in the United States, despite political challenges.
The project, owned 73% by RWE and 27% by Britain’s National Grid, has been put on hold with no investment decision taken, CEO Markus Krebber told journalists, News.Az reports, citing Reuters.
Krebber noted that construction has not started and the project, valued at €800 million ($937 million), does not require a writedown. He also warned that ongoing political opposition could raise legal issues over past lease payments. Meanwhile, RWE has no interest in taking on offshore wind projects in Japan, where Mitsubishi is withdrawing from the sector.
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