Md. offshore wind developer announces ‘repositioning’ of project, seeks new financial support

Maryland’s nascent offshore wind energy industry suffered a major blow late Thursday when one of the two companies planning to install wind turbines off the coast of Ocean City announced that it was pulling out of its agreement with the state and seeking alternative financial arrangements to keep the project going. Ørsted, the world’s largest developer of offshore wind, emphasized that it was still committed to building its project in federal waters, but that it was opting out of the agreement it had reached with the Maryland Public Service Commission for financial clean energy credits intended to help fund the development.