Latest Issue
 
Windtech International September October 2024 issue

 

FOLLOW US AT

follow

 

follow


Offshore wind investment increased by 79% in 2023, reaching a new high, according to BloombergNEF’s Renewable Energy Investment Tracker 1H 2024. Global offshore wind investment reached $76.7 billion, with China remaining the largest offshore wind market despite experiencing a down year, followed by the UK and the US.
 
The offshore wind industry faced challenges in 2023. Approximately 6.9GW of projects in the US and the UK cancelled their revenue contracts last year due to rising equipment and financing costs, permitting and grid connection hurdles, and supply chain delays, which affected many developers’ expected project returns. Despite the turmoil, firms such as Ørsted, Iberdrola, Northland Power, and Mitsui & Co were among those that reached final investment decisions on offshore wind projects in 2023.
 
BNEF predicts that governments will be more willing to pay for offshore wind and include more risk-sharing mechanisms in auction deals in 2024. Additionally, interest rates could start to fall, reducing the cost of borrowing. This could lead to more struggling projects reaching financial close in 2024.
 
Use of cookies

Windtech International wants to make your visit to our website as pleasant as possible. That is why we place cookies on your computer that remember your preferences. With anonymous information about your site use you also help us to improve the website. Of course we will ask for your permission first. Click Accept to use all functions of the Windtech International website.