Europe sees record €14bn investment in offshore wind power: WindEurope
The European offshore wind sector has experienced record investment, according to new data from trade organisation WindEurope. The first six months of 2016 saw seven offshore wind projects in the region receive €14bn of investment, resulting in 3.7GW of new capacity. UK projects worth €10.4bn attracted approximately three-quarters of the funding. However, the figures also revealed a 78% drop in installations compared to the equivalent period in 2015. Although installation rates are expected to increase next year, WindEurope called for explicit deployment goals and timetables to support the sector.

The European offshore wind industry has enjoyed a record six months of investment, according to new figures released today by trade body WindEurope.

In the first six months of this year Europe’s offshore wind projects attracted €14bn of investment, split across seven projects and financing a total of 3.7GW of new clean energy capacity.

The UK attracted the lion’s share of new investment, with UK projects worth €10.4bn securing a final investment decision, amounting to roughly three-quarters of all European investment.

RenewableUK’s deputy chief executive Maf Smith said the performance underlines the UK’s status as leader in the fast-expanding sector. “Offshore wind has been a real success story for the UK, and these latest figures are further evidence of this - investment in UK infrastructure projects so far this year are worth over £8.5bn across their lifetime,” he said in a statement.



“We know there’s more to come as well - the UK will invest over £20bn in wind energy in the next five years. Throughout the country offshore wind is creating jobs and revitalising coastal areas,” he added.

However, the report also revealed installations fell by 78 per cent compared to the same period last year, with 511MW installed across only two countries: Germany and the Netherlands.

While installation rates are expected to pick up next year, Giles Dickson, chief executive of WindEurope, stressed challenges remain for the industry.

“The record investment numbers show a clear industry commitment to offshore wind. We expect installations will pick up significantly in 2017 but there are a lot of challenges out there still on offshore wind,” he said in a statement.

“The costs of offshore wind are falling, but we need healthy volumes in the market to sustain this. The current pipeline of projects is not enough, and the commitments Member States have so far made for beyond 2020 fall well short of what’s needed. This risks undermining Europe’s competitive position in offshore wind,” he warned.

Dickson called on Member States to set clearer deployment goals and offer long-term visibility on tender volumes and timetables, in order to support a strong industry and healthy supply chain.

The update comes on the back of a series of recent announcements across the industry confirming the cost of power from new offshore wind projects is falling faster than many experts expected only a few years ago.