EDF has reported a €900 million impairment for its 2,800 MW Atlantic Shores offshore wind project off the coast of New Jersey. The company disclosed the financial loss during its annual results presentation on February 21.
EDF’s joint venture partner, Shell, had previously announced a nearly $1 billion impairment for the project and opted to withdraw from the venture. The financial setbacks come amid challenges surrounding the project, including the cancellation of New Jersey’s fourth offshore wind solicitation in early February. This solicitation had been expected to contract capacity from the first 1,510 MW phase of the Atlantic Shores array.
Joris Veldhoven, CEO of Atlantic Shores, expressed disappointment over the cancellation of the solicitation, stating, “We’re discouraged to see the conclusion of this solicitation without an awarded project.” He also highlighted the project’s advantages, including an advanced permitting program and a clear path to financing, which he believed made Atlantic Shores one of the most competitive and deliverable projects in New Jersey.
The cancellation of the solicitation has cast uncertainty over the future of the project, as EDF and its partners reassess their positions in the offshore wind sector.
