Germany Welcomes Back Offshore Wind Companies Despite Increasing Costs

Germany's Economy Minister Katherina Reiche on Wednesday said companies may return previously auctioned offshore wind farm sites, provided they pay a penalty to transmission system operators, as mounting economic pressures continue to batter the sector.

The move comes as increasing financing costs, overcapacity in certain sea areas and declining revenue expectations have made it harder for developers to deliver on awarded projects.

In a letter to Reiche, the heads of eight of Germany's 16 states called on her to amend a bill before the German lower house of parliament

They advocated for a one-time, legally secure option to return projects and for the sites to be retendered promptly

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