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In 1991, the first offshore wind turbines were built in front of the Danish town Vindeby. It then took ten years to build a first commercial-size project, and five more years before private banks were able to take construction risk on a non-recourse basis, financing the Q7 project in the Netherlands.

Good morning. Our regular readers will know that I don’t usually start analysis pieces so formally. But these are strange times and, if you’re like me, craziness is setting in.