The UK Supreme Court ruling against Orsted creates “less favorable conditions” for offshore wind and other infrastructure, according to the Danish developer.
The company said the decision to rule that development costs such as surveys are not capital allowances is “regrettable”, in a statement issued after the ruling was issued on Wednesday.
Orsted said it will “respect the decision” and “will take the necessary steps to reach a final resolution with the authorities regarding the projects subject to the decision”.
“While it is too early to be certain about the outcome of those discussions, the financial impact on the projects in question is limited.”
The statement added: “The outcome in this case is regrettable, creating less favorable conditions for the development of critical infrastructure projects such as offshore wind and we will need time to agree the application of the ruling with the authorities before we can assess the impact on other projects.
“We also urge the UK Government to resume work on revising the tax legislation in this area.”