Don Furman, senior vice-president of external affairs at Iberdrola Renewables, says the company “may do some adjustments to our pipeline to shrink to a more appropriate size”. Developers will have to look for “niche opportunities”.

Already, Iberdrola’s corporate parent in Spain is directing less capital to the US. “A lot of the capital that was going to the US is now going to the North Sea for offshore development, because they’ve got a stable regulatory climate there and a market,” Furman tells Recharge.

Steve