It was meant to be one of the largest off shore windfarm projects in the world, but tonight plans for the Atlantic Array off the North Devon coast are in tatters, with the developers saying it was "not the right time" for the project.
The 4 billion pound scheme had attracted criticism, with environmentalists worried about its impact on marine life in the Bristol Channel. Here's our North Devon correspondent, Seth Conway.
The decision to cancel the Atlantic Array Wind Farm project is a "big set back" according to Ricky Knight from the North Devon Green Party. However he does not think this is the end of harnessing wave and wind power in the Bristol Channel
North Devon MP Nick Harvey says he is shocked by the news that developers behind one of the worlds largest offshore wind farms have pulled out of the project today.
The energy company - RWE - say the scheme is financially unsustainable. More than two hundred turbines were planned along nine miles of the North Devon Coast. It would have powered hundreds of thousands of homes in the region.
A Department of Energy and Climate Change spokesman said the scrapping of the scheme was a matter for the developer, but the decision "was made on purely technical grounds and reflects the many complex challenges of constructing offshore windfarms".
The scheme had drawn criticism from environmentalists who were worried about its impact on marine wildlife in the Bristol Channel and campaigns who have branded the project for 720-ft high turbines as unsightly.
According to the Guardian, round 3 windfarms such as those in Dogger Bank, Hornsea and East Anglia, were set up to help the government generate 15 per cent of energy from renewable sources by 2020.
Director of offshore wind Paul Cowling claimed that German-owned firm RWE is still backing offshore wind and would be pressing ahead with other projects off Britain's coastline.
But it is not known if any other firm will take over the project to install windfarms off the coast of North Devon, which would have provided power for thousands of homes in the region.
Richard Sandford, head of European projects offshore at RWE, also denied that the Atlantic Array was dropped as part of a money saving drive at the company.
He told the Guardian: "This really is project-specific and not at all down to other considerations. We are still proceeding with schemes like Galloper and Triton Knoll, off the east coast of the country."
A third attempt is to be made for a wind farm on Bodmin Moor. Two previous schemes failed after opponents claimed the massive turbines would blight the area. The latest plan has been scaled down from twenty wind turbines to sixteen. A public meeting is being held in Camelford tonight.
An investigation's been launched to discover if a wind turbine which collapsed in Devon could have been sabotaged. It's thought bolts may have been removed from its base - as it emerged a second one has fallen nearby. The first tower came down last week in Bradworth amid gale force gusts of 50mph.
It was first thought heavy winds brought down the £250,000 turbine - which is deeply unpopular with local residents.
But officials believe it could have been the victim of anti-turbine protestors - after bolts were discovered missing from its base. Another 60ft wind tower has also fallen, 18 miles away at Winsdon Farm, in North Petherwin, Cornwall.
Statement from Juliet Davenport, CEO of 'Good Energy'.
“When we researched opinion in the local community, there was a very positive response from residents with 68% of those surveyed saying they would consider switching to a Good Energy Local Tariff once the benefits were explained to them.
This response is in line with the many inspiring community projects, such as Gigha in the Hebrides, which generates two thirds of its own electricity with three wind turbines which are owned by the community.”