The development of the SouthCoast Wind farm, a renewable energy project off the coast of Massachusetts, is facing potential delays due to growing uncertainties surrounding federal offshore wind policies. Ocean Winds, the company leading the project, is preparing for a possible four-year setback in the project’s timeline, which could delay its anticipated operational start from 2030 to 2034.
Ocean Winds, a joint venture formed by EDP Renewables and Engie, has recently announced it will be writing down the project’s value by $278 million to reflect the financial impact of this delay. The company explained that this adjustment is meant to account for the anticipated loss in revenue resulting from the postponement of power production
The uncertainty stems from an executive order signed by President Trump, which aims to halt offshore wind development in the U.S.
Despite these challenges, Ocean Winds remains steadfast in its commitment to the SouthCoast Wind farm. The company is continuing to actively negotiate power purchase agreements (PPAs) with utilities in Massachusetts and Rhode Island.
