Hard-pressed European wind turbine makers should battle back into the black next year following a “transition” period in 2023 following a perfect storm of runaway inflation, creaking supply chains, and volatile orderbooks that has weighed down the industrial supply chain, according to Moody’s.

The return to profitability for OEMs including Vestas, Siemens Gamesa and Nordex, after several years struggling with financial headwinds would be given an updraft by European Commission's Green Deal Industrial Plan and the US’ Inflation Reduction Act, said the credit agency.