Global banks are showing strong appetite for financing the first wave of US commercial-scale offshore wind projects, despite the challenges and risks in the fast-evolving market.

“The bigger picture as a banker, a lender, thinking about mobilising climate capital, [is that] these are really attractive opportunities. Every single major bank has significant green lending commitments,” said James Wright, managing director of renewables, clean energy and sustainability at CIBC Capital Markets, at a recent conference.

While much has been written about the political and regulatory delays under former President Donald Trump, as well as the Covid-19 disruptions, there has been no lasting impact on how lenders view the US offshore wind market, according to financiers.