(Reuters) – Danish renewable energy firm Orsted said on Wednesday it will cut its investment program by 25%, as the industry struggles with rising costs, supply chain issues, higher interest rates and regulatory changes.
The company also withdrew its previously set 2030 target for installed renewable capacity of 35-38 gigawatts.
Orsted will now invest in the range of 210 billion to 230 billion Danish crowns ($29.32 billion and $32.12 billion) for the period of 2024 to 2030, down from the previous figures of 270 billion Danish crowns.
The world’s biggest offshore wind developer expects its earnings before interest, taxes, depreciation and amortisation to increase to about 29 billion to 33 billion Danish crowns in 2026.
($1 = 7.1602 Danish crowns)
(Reporting by Gursimran Kaur in Bengaluru; Editing by Shailesh Kuber and Vijay Kishore)