Orsted Americas CEO David Hardy conceded that its current US offshore wind projects would have “100{7bfcd0aebedba9ec56d5615176ab7cebc5409dfb82345290162ba6c44abf8bc8} neutral lifecycle IRR [internal rate of return]” but would position the developer for future growth.

“We believe in the long-term benefits and the long-term opportunity in offshore wind in the US,” he said during the Danish developer’s Capital Markets Day presentation. “The market’s improving… [and] the states and federal government want to see the success.”

Orsted is at the fore of the US offshore wind sector, with 5GW of capacity under contract and a goal of 3-5GW installed by 2030.