February 28, 2025 — The developer behind SouthCoast Wind is planning for the possibility of up to a four-year delay for the offshore wind farm that would supply power to Rhode Island and Massachusetts.
Ocean Winds, a joint venture between Portugal’s EDP Renewables and France’s ENGIE, confirmed to The Journal Thursday that it was writing down the value of the project by €267 million, or about $278 million, to account for the lost revenues that would result from delaying power production by four years.
The company said that it’s accounting for the possible delay, which would push the project’s operation date back from 2030 to 2034, because of uncertainties caused by the executive order signed last month by President Trump that aims to curtail offshore wind development in America by stopping new leases to ocean waters and reviewing permits for projects already underway.