Finance News

Floating Power Plant, a Danish pioneer in renewable energy technology, has just signed a transformative grant agreement with the European Commission's Innovation Fund of 26 m€. This agreement solidifies the EU's commitment to propel Floating Power Plant’s flagship project, SEAWORTHY, into the forefront of sustainable energy innovation.

Ferd, a family-owned investment company, has acquired a 25 percent stake in the ocean technology group General Oceans. Following several acquisitions in recent years, General Oceans now consists of five world-leading companies covering key areas of ocean technology.

Chevron Corporation (NYSE: CVX) has announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approximately $3 billion for 2024.

Offshore Wind's Economic Doldrums

Today's key economic doldrums plaguing offshore wind projects are higher interest rates, cost inflation, and supply chain issues. Developers make multiyear cost assumptions when bidding for projects, given the often decade-long lead times associated with planning and development, obtaining approvals, and completing construction, before an offshore wind project becomes operational and starts generating cash returns.

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