Korean company, Doosan blames deteriorating confidence for decision to suspend a wind power project that would have created 1700 jobs.

The move came 12 months after the UK government approved the investment plan for a £170m “centre of excellence” in Glasgow and long-term plans for manufacturing.

Its concerns were underlined by another major offshore services business, FTSE 100-listed Petrofac, which warned that only 30 per cent of the expected wind projects in the North Sea might ever get built because of financing problems.

“In light of the overall economic conditions and liquidity issues in Europe, Doosan Power Systems decided in December 2011 to withdraw from its plans for developing offshore wind turbines in Scotland,” Doosan told the Guardian.

For more wind power news