Orsted Ramps Up Bet on US Offshore Wind With New York Deal (2)

Orsted A/S agreed to buy out its joint venture partner in a New York offshore wind farm after abandoning two New Jersey projects last year and taking $4 billion in impairment charges.

The move shows the Danish green energy giant is still looking to grow in the nascent American offshore wind market, despite rising costs that have seen developers cancel or delay projects off the Atlantic coast. Investors are waiting for an update from Orsted early next month on how it plans to recover from a series of costly setbacks last year, mostly in its US division.

Orsted didn’t provide ...