KARLSRUHE (dpa-AFX) – Karlsruhe-based energy provider EnBW is withdrawing from a major wind farm project planned in the Irish Sea and will record a non-recurring write-down of €1.2 billion. The main reason for the withdrawal is that the two offshore wind projects, "Morgan" and "Mona," in the United Kingdom have recently failed to secure further government subsidies.
"Combined with other uncontrollable factors, this has resulted in the projects no longer meeting EnBW's economic standards and criteria," the company further stated. These factors include deteriorating overall conditions, such as significant cost increases in the supply chain, higher interest rates, and other risks affecting the project's implementation. Several years ago, the group, together with British company BP, was awarded the contract for the project, which has a capacity of nearly three gigawatts.
The current decision will have no impact on EnBW's earnings forecast for 2025, according to the company's statement. This remains unchanged: adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) are still expected to range between €4.8 billion and €5.3 billion./avg/DP/nas
