EQNR - Developer walks from $3b windfarm as supply chain problems compound

In a further sign that supply chain problems are wreaking havoc on the wind farm business, Sapura Energy (OTC:SKPBF) is walking from it's $3b windfarm project in the Taiwan Strait. The developer is citing "technical and operational issues not attributable to the Company," which have delayed the project's expected completion date from September 2020 to September 2023. Although Sapura began installation in December of 2020, the Company indicates it's time to walk away as the CEO says "we exhausted all avenues for an amicable solution." Turbines for the project were to be provided by Siemens Gamesa (OTCPK:GCTAF), with General Electric (NYSE:GE) providing design and construction for the farm's substations. Both Siemens and GE flagged troubles in their respective wind farm segments last quarter, while major developer Shell (NYSE:SHEL) also highlighted supply chain issues in wind as a major source of inflation. With wind farm developers bidding to very low returns,

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Developer walks from $3b windfarm, as supply chain problems compound