Ørsted Pays $1.7B For Sunrise Delays, Aviva Invests in CIC

In this News Flash, Ørsted pays $1.7B for delays and increased costs at their Sunrise Wind project, Aviva Investors invests €40 million in CIC, and Vibra acquires Comer Energia. Fill out our Uptime listener survey and enter to win an Uptime mug! Register for Wind Energy O&M Australia! https://www.windaustralia.com Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.com Welcome to Uptime News Flash. Industry news, lightning fast. Your hosts, Allen Hall, Joel Saxum, and Phil Totaro, discuss the latest deals, mergers, and alliances that will shape the future of wind power. News Flash is brought to you by IntelStor. For market intelligence that generates revenue, visit www.intelstor.com. Allen Hall: Well, starting off the week, Orsted has announced a significant setback, posting a 1. 7 billion dollar impairment charge for the fourth quarter of 2024 due to delays and increased costs at a Sunrise Wind Project near New York. The 924 megawatt project, located about 30 miles east of Montauk, around Long Island, faces construction challenges, particularly with monopile foundations. Despite these difficulties, Orsted's CEO, Mad Snipper, reaffirmed the company's commitment to the U. S. market, though project completion has been pushed towards the second half of 2027, Phil. This is a big deal for Orsted. Orsted has been really profitable and a strong company for a long time, but these American projects are a real drag on their bottom line. Phil Totaro: Absolutely. And I think they're, they're keen to get through all these things as quickly as they possibly can and, and also get to a point where they can, you know, have the project mature enough, either in construction or operation, where they can actually get an investor in. Which is what their original plan was with a lot of the utility companies in you know, Connecticut, Massachusetts, Rhode Island, New Jersey and New York, I suppose with some of the proposed projects. And, and a lot of those utilities decided, you know what, not for us, taking too long, costing too much, and just not our cup of tea. So the quicker they can get this sunrise project done and move on to potentially others because they still have revolution that they're trying to build as well.