To some extent that's true - and the grid delays are indeed taken as a one-off event; but what banks noticed was the combination of several unexpected events, each of which were unexpected events. so the lesson for now is that unexpected stuff happens, and it keeps on happening. As banks like to have safety buffers, they now consider that at least one serious unexpected event will happen anyway, and they need to be ready for a second one just in case.

This will be relaxed are more projects are built without hassle, but remember, the most recent precedents always loom larger in institutional memories (and people in project finance tend to have longer memories than in other sectors).

The good news is that the early projects were built within budget, so the very first conclusion the project finance marmet reached was "offshore wind is bankable" - and that's rather important...


Wind power