Vattenfall has advised the market of its decision to stop the development of the Norfolk Boreas offshore wind farm in its current form and not take an investment decision now.
The company cited higher inflation, rising capital costs, and a challenging geopolitical situation as all having made offshore wind and its supply chain particularly challenging. Vattenfall says these factors are behind its decision on Norfolk Boreas. The company has taken an impairment charge of SEK 5.5 billion (USD 5.3 billion).
Vattenfall says it will examine the best way forward for the entire Norfolk Zone, which besides the Boreas project includes the Vanguard East and Vanguard West projects.
Norfolk Boreas had a target capacity of 2.1GW and was expected to be operational in 2028. A total of 140 turbines were expected to be installed in the UK project.
