How quickly things change January 6, 2022
“The formation of the cluster aligns with our offshore wind ambitions and strategy of growing our position as a global leader in offshore wind,” said Mike Crawley, President and Chief Executive Officer of Northland. “We are proud to enhance our partnership with RWE to form the cluster to further strengthen our position in the North Sea. This cluster will provide us with significant size and scale and allows us to support the decarbonization efforts in Germany.”
Today:
“Northland is constantly evaluating its 19-gigawatt (GW) portfolio and prioritizes projects that are strategically and financially consistent with its investment approach. Evaluation of the NSC in the current environment is leading to higher expected costs for the project, that are only partially being offset by higher expected revenue offtake. As a result, the project no longer meets Northland’s investment criteria,” said Mike Crawley, President and CEO, Northland.
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How many more projects, because of increasing costs will not meet Northland's investment criteria? The Baltic Power project has cost issues also. Maybefocusing more on North America will help things. Tax credits in Canada and the US.