Companies

Clean energy shares plummet as worries over projects rise

Concerns have risen since Danish energy giant Orsted abandoned two projects in the US

Shares at Irish-listed Greencoat Renewables, which has over 60 per cent of its assets in the country, is down 22.6 per cent in the past year. Picture: Getty

Rising costs and significant debt are putting a strain on renewable energy companies with projects starting to be abandoned and shares plummeting.

Last week Orsted, the Danish energy giant, scrapped plans to develop two massive offshore wind projects in the US despite the fact this would cost them more than 28.4 billion Danish kroner (€3.45 billion).

This casts an unfriendly shadow on not just Orsted’s other projects, but its peers, who are similarly suffering from ...