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    Array Technologies increased revenue 35% to US$872.7 million in 2020

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    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

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    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

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    SeaMade secures €250m European loan for Belgian offshore wind farms

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

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    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

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    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

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    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

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    GE’s digital power transformers selected for multiple projects across the globe

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    bp to invest up to £18 billion in UK energy system by 2030

    Giant offshore wind energy projects to be built in Irelands seas

    Kier to deliver onshore converter station for offshore wind project in the north east

    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    VSB Group Expands in France with Acquisition of 143.5 MW Wind Power Portfolio

    Norway to invest in renewable projects in developing countries

    Italian Solar Farms, Matrix in Strategic Partnership with Energia Aljaval

    China installed 48.2 GW of new solar capacity in 2020

    Solek Group signs deal to build solar power plants in Chile

    Trina Solar betting on largest wafer size and third cut cells for 500W-plus modules

    TotalEnergies to Acquire SunPowers Commercial & Industrial Solar Business

    Vattenfall Wind

    UK Government grants consent for Vattenfall’s Norfolk Vanguard Offshore Wind Farm

    New DNV GL class rules for floating offshore wind energy expands industry horizon

    Norway to launch 1.5 gigawatt offshore wind tender

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Velto Renewables supports the 360 MW offshore wind farm London Array

  • Market Moves
    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    Abengoa completes construction of three solar fields at the world’s largest concentrated solar power complex in Dubai

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    GE’s digital power transformers selected for multiple projects across the globe

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Asia Pacific to Become Largest Offshore Wind Power Market by 2030

in News, Renewable Power, Wind Energy
Asia Pacific to Become Largest Offshore Wind Power Market by 2030

Asia is set to become a leader in offshore wind, with its share in the global offshore wind market expected to grow from 24 per cent in 2019 to 42 per cent in 2025 and the rest of the decade. China is expected to continue its domination of the Asian offshore wind market in the first half of this decade, with more than 70 percent market share. However, its market share in the region is expected to drop from 2025, when more utility-scale offshore wind projects get connected in emerging markets – Taiwan, Japan, South Korea and Vietnam. The top five markets in the region in new installations over the next decade will be China (52GW), Taiwan (10.5GW), South Korea (7.9GW), Japan (7.4GW) and Vietnam (5.2GW).

China was the world’s No. 3 offshore market in total installations as of the end of 2019 (after the UK and Germany). Considering extraordinary volume of new capacity (4-5 GW/year) will be built in 2020 and 2021, GWEC Market Intelligence expects China will surpass the UK as the world’s largest offshore market in total installations by 2021, if not 2020. Annual offshore wind growth in China in the future will depend on whether subsidies provided by provincial governments will be available and whether offshore wind industry can reach grid parity before 2025.

However, excluding China, the Asian offshore wind market is still at a very early stage of development. Each market is facing the challenge of developing a local supply chain as well as the necessary competencies and capabilities to build a sustainable and cost-competitive offshore wind industry.

In the case of Taiwan, its offshore wind ambition is widely recognized, driven by the need to retire coal plants and a “green economy” vision. All eyes are now on Taiwan as it will connect 5.5 GW of new offshore wind by 2025 and another 10 GW will be tendered by the government through the Round 3 auctions for commissioning by 2035, providing the long-term visibility needed to generate a local offshore wind industry and supply chain.

Critical to the steady progression of the market will be the government’s localisation strategy, which aims to consolidate the entire supply chain in Taiwan, but how flexible the localisation requirements are will be key to determining whether the nascent offshore wind industry can develop into a sustainable and competitive market. These key challenges and opportunities for boosting growth of offshore wind in Taiwan will be discussed at the Global Offshore Wind Summit – Taiwan Virtual, organised by GWEC and the European Chamber of Commerce Taiwan – Low Carbon Initiative on the 12-14 October 2020.

At this start of a new decade, the momentum for offshore wind in South Korea is picking up with the re-election of President Moon Jae-in in April this year that has new vision and targets for the Asia’s fourth-largest economy (but one of the world’s most polluted countries); an indigenous and strong supply chain together with international partnerships eyeing for the offshore developments in this country. To reach the “Renewable Energy 3020” target of 20 percent renewables in the power mix by 2030, South Korea is targeting 12 GW of new offshore wind capacity to be built by the end of this decade.

As for Japan, a country that has been stymied by a lack of ambitious offshore wind targets and a cumbersome permitting and licensing framework, however there has been a growth in momentum at both the policymaking and industry level since 2017. In July 2020, the government nominated four offshore wind zones and launched the first offshore wind auction for a floating offshore wind farm offshore from Goto City. Japanese offshore wind market is expected to take off from the mid of this decade.

Vietnam, the most promising offshore wind market in South East Asia, has more than 500 MW of offshore wind projects in the pipeline that is expected to come online before the current FiT deadline of November 2021. Taking into account the recent consideration of a FiT extension to the end of 2023 followed by an auction system from 2024, GWEC Market Intelligence predicts a total of 5.2 GW offshore wind capacity to be built between 2020 and 2030.

As the market continues to grow, innovations in the sector such as floating offshore wind, larger and more efficient turbines, as well as Power-to-X solutions will continue to open new doors and markets for the sector. Countries such as Japan and South Korea that have deep waters will have to leverage on the technological advancement of floating turbines, that look set to take off over the next few years and potentially becoming a springboard for floating wind all around the world.

Offshore wind is one of the world’s fastest-growing energy sources, with strong year on year growth expected across the next few decades. It is clear that markets across the world are now opening their eyes to the huge business and investment opportunities that offshore wind can offer, as governments around the world recognise the role that the technology can play in kickstarting post-COVID economic recovery through large-scale investment, creating jobs and bringing economic development to coastal communities. With its scale, offshore wind has the real opportunity to replace traditional energy sources, driving the global energy transition.

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News

bp to invest up to £18 billion in UK energy system by 2030

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February 19, 2022
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