RWE has recently reviewed the development status of the Galloper offshore wind farm as a ROC accredited project.
“Despite positive investor interest, including that of the Green Investment Bank, and support from the project’s supply chain partners we are disappointed to announce the decision not to continue with the development of Galloper in its current form,” the company stated.
This decision reflects the tight time scales available to secure financing whilst still achieving accreditation under the Renewable Obligation, which overall results in an unacceptable balance of risk and reward as compared with the investment disciplines embraced by the RWE Group.
Following this decision, RWE will discuss the next steps for the Galloper project with its existing partner SSE.
RWE’s offshore operating portfolio will exceed 1GW following completion of Nordsee Ost and Gwynt y Môr. The company said that it will continue to progress development activities at its other offshore projects across Europe, including Triton Knoll and Dogger Bank in the UK.
In addition, RWE has recently entered into a partnership to progress Nordsee One in Germany, which is planned to enter construction next year.
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