Swedish developer Hexicon has taken an impairment of almost €11m linked to the CfD-backed 32MW TwinHub floating offshore wind project in the Celtic Sea.
Some €12m (SEK127 million) of intangible assets and goodwill are written down with revised deferred tax effects providing a positive €1.1m (SEK12 million) adjustment, the company said.
The impairment is driven by increased inflation and supply chain costs that have eroded the project’s financial viability, according to the company.
Hexicon added that efforts to divest the project, which is backed by an AR4 CfD, have been hindered by market conditions that make achieving material proceeds challenging.
The company stated that the impairment has also triggered a corresponding write-down of shareholder loans and accrued interest in Hexicon Holding AB, its wholly owned subsidiary.
The Board of Directors of Hexicon Holding AB resolved on 15 December 2025 to prepare a control balance sheet to assess the impact on equity.
The control balance sheet, completed on 30 January 2026 and reviewed by the auditor, concluded that remaining projects held by Hexicon Holding AB carry sufficient surplus value for equity to equal at least the registered share capital.
Hexicon Holding AB therefore does not require a control shareholders’ meeting and no further impairment is needed at group level, it said.
Marcus Thor, chief executive of Hexicon, said: “The impairment announced today is clearly disappointing and reflects several years of effort to achieve a financially orderly exit from the TwinHub project.”
Thor added: “Hexicon’s portfolio remains geographically diversified and spans multiple stages of development, meaning that while one project is now being written down, other projects in the portfolio have simultaneously increased in value.”
He stated: “We continue to focus our investments on the most valuable and promising projects as we progress towards commercialising the portfolio.”