In the eye of the storm
Offshore wind is one of the largest untapped energy sources on Earth and despite the political and technical risks it is growing fast. Ilaria Valtimora from a Word About Wind provides an interesting analysis of the deals, developments, opportunities and risks in 18 of the most active emerging markets for offshore wind.
To date, there are offshore wind farms with total capacity of around 22GW in operation globally and the vast majority of that is inEurope (around 87%), followed by China (around 13%).
But there are huge projections for how far this could grow. Wood Mackenzie has predicted that offshore wind in Europe could exceed 47GW by 2027, with 43GW in Asia and 10GW in the US. Bloomberg New Energy Finance last year expected it to reach 115GW globally by 2030; and the International Renewable Energy Agency predicted there would be 400GW by 2045. If the industry is to achieve growth at this rate then investors will need to expand into countries that do not currently have an offshore wind industry. At present, this means that opportunities are opening up across the world. This has attracted major players, especially European utilities and investors, that are looking to expand out of leading offshore markets like the UK and Germany. Many are now looking at opportunities to get into new markets early.
For a detailed analysis of the key markets in the Americas, Asia-Pacific and Europe please follow the link below to access the report.
A Word About Wind analyses the latest deals and developments in the global wind markets on a daily basis. It is positioned as the only membership organisation for people and companies in the financial side of the global wind industry. It supports the development of the industry to build a cleaner, fairer world through events which encourage knowledge sharing and communication, over 150 email briefings each year and regular industry reports.