November 13, 2023 — A European company has canceled plans to build blades for offshore wind turbines in coastal Virginia, the latest sign of struggle within the U.S.’s nascent industry.
Siemens Gamesa confirmed the cancellation in a statement Friday. The company’s proposed $200 million factory at the Port of Virginia in Portsmouth would have created more than 300 jobs and aided the state in its aspirations to become a hub for offshore wind projects as part of the nation’s efforts to tackle climate change.
The change in plans by the Spain-based firm comes at a time when inflation, raised interest rates and supply chain issues have cut into the profitability — and even the viability — of some offshore wind projects in the U.S.