Swedish offshore wind developer Hexicon said it has taken an impairment of almost €11 million related to its 32-megawatt TwinHub floating wind project in the Celtic Sea, citing higher inflation and supply-chain costs that have weakened the project’s financial viability.
The company said around €12 million (127 million Swedish crowns) of intangible assets and goodwill were written down, partly offset by a positive deferred tax adjustment of about €1.1 million.
Hexicon added that attempts to divest the contract-for-difference-backed project have been hampered by market conditions, making it difficult to achieve material proceeds. TwinHub secured support under the UK’s AR4 CfD round.
The impairment also triggered a corresponding write-down of shareholder loans and accrued interest in Hexicon Holding AB, the group’s wholly owned subsidiary.
Hexicon said the board of Hexicon Holding AB resolved on Dec. 15, 2025, to prepare a control balance sheet to assess the impact on equity. The balance sheet, completed on Jan. 30, 2026 and reviewed by the auditor, found that remaining projects held by the subsidiary retain sufficient surplus value for equity to match at least the registered share capital.
As a result, Hexicon Holding AB does not need to convene a control shareholders’ meeting and no further impairment is required at group level, the company said.
Chief Executive Marcus Thor said the write-down was “clearly disappointing” after several years of efforts to secure an orderly exit from the TwinHub project, but added that Hexicon’s geographically diversified portfolio meant other projects had increased in value at the same time.
“We continue to focus our investments on the most valuable and promising projects as we progress towards commercialising the portfolio,” Thor said.
