Siemens Gamesa scraps plans to build blades for offshore wind turbines on Virginia's coast

A European company has cancelled plans to build blades for offshore wind turbines in coastal Virginia. It's the latest sign of struggle within the U.S.’s nascent offshore wind industry. Siemens Gamesa confirmed the cancellation Friday. The proposed $200 million factory would have created more than 300 jobs. And it would have aided Virginia in its aspirations to become a hub for offshore wind. Inflation and raised interest rates have led to the recent cancellation of some offshore wind projects in the U.S. However, Dominion Energy's plans for a massive windfarm off the coast of Virginia Beach remain on schedule.