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Released February 15, 2021 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Europe invested more than 26 billion euro ($31 billion) in new offshore windfarms in 2020, representing the strongest year by far for the sector.
This is a huge jump from the 6 billion euro ($7.3 billion) invested in offshore wind in 2019 and 10.3 billion ($12.4 billion) in 2018. This will finance 7.1 gigawatts (GW) of new offshore wind that will be built in the coming years and is more than twice the 2.9 GW of offshore wind built last year. Europe is now home to 25 GW of offshore wind capacity--more than 40% of it in U.K. waters--and the European Union (EU) is aiming to have 300 GW in place by 2050. In December Industrial Info reported on the region's ambitious wind energy plans which will see 60 GW in place by the end of this decade. For additional information, see August, 2020, article--Europe Plans 25-Fold Increase in Offshore Wind.
According to wind industry body WindEurope, the U.K., Netherlands, Germany and France all saw final investment decisions for major new offshore windfarms.
"Twenty-six billion euro in new investments in 2020 is a huge vote of confidence in offshore wind," said Giles Dickson, WindEurope chief executive officer. "Investors see that offshore wind is cheap, reliable, and resilient -- and that Governments want more of it. And these investments will create jobs and growth. Every new offshore wind turbine generates 15 million euro ($18 million) of economic activity. We expect the 77,000 people working in offshore wind today in Europe to be 200,000 by 2030."
Europe installed 2.9 GW of new offshore wind capacity in 2020, which Dickson said was in line with WindEurope's pre-COVID forecast. "The new installations show the resilience of the offshore wind industry. Europe's existing offshore wind farms kept operating. We kept building new wind farms. We kept making new turbines."
Nine offshore windfarms came online last year across five countries, with the Netherlands connecting 1,493 megawatts (MW) of capacity and completing the development of the Borssele Wind Farm Zone. Belgium connected 706 MW, the U.K. 483 MW and Germany 219 MW. Portugal completed the installation of a floating offshore wind farm, co-funded by the EU's NER300 programme. In total, Europe has 116 offshore windfarms spread across 12 countries.
New countries will start joining the race in the coming years. France, after many delays, will start building a number of offshore windfarms after final investment decisions were made on 1 GW of capacity that will be built by 2023. It also has plans for four small floating offshore windfarms and one large one which may kick off this year. Europe's largest coal-fired nation, Poland, passed its historic Offshore Wind Act and is aiming for 28 GW of offshore wind by 2050.
In recent weeks, Industrial Info reported on how renewable energy overtook gas and coal in Europe's electricity mix for the first time in 2020. Electricity supplied by wind, solar, hydropower and biomass accounted for 38% of the European Union's (EU's) electricity, compared to 37% supplied by fossil-fuels like gas and coal-fired power plants. For additional information, see February 3, 2021, article--Renewable Energy Tops Europe's Power Mix in 2020.
Industrial Info is tracking 6,934 active European renewable energy projects worth more than $615.07 billion.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
This is a huge jump from the 6 billion euro ($7.3 billion) invested in offshore wind in 2019 and 10.3 billion ($12.4 billion) in 2018. This will finance 7.1 gigawatts (GW) of new offshore wind that will be built in the coming years and is more than twice the 2.9 GW of offshore wind built last year. Europe is now home to 25 GW of offshore wind capacity--more than 40% of it in U.K. waters--and the European Union (EU) is aiming to have 300 GW in place by 2050. In December Industrial Info reported on the region's ambitious wind energy plans which will see 60 GW in place by the end of this decade. For additional information, see August, 2020, article--Europe Plans 25-Fold Increase in Offshore Wind.
According to wind industry body WindEurope, the U.K., Netherlands, Germany and France all saw final investment decisions for major new offshore windfarms.
"Twenty-six billion euro in new investments in 2020 is a huge vote of confidence in offshore wind," said Giles Dickson, WindEurope chief executive officer. "Investors see that offshore wind is cheap, reliable, and resilient -- and that Governments want more of it. And these investments will create jobs and growth. Every new offshore wind turbine generates 15 million euro ($18 million) of economic activity. We expect the 77,000 people working in offshore wind today in Europe to be 200,000 by 2030."
Europe installed 2.9 GW of new offshore wind capacity in 2020, which Dickson said was in line with WindEurope's pre-COVID forecast. "The new installations show the resilience of the offshore wind industry. Europe's existing offshore wind farms kept operating. We kept building new wind farms. We kept making new turbines."
Nine offshore windfarms came online last year across five countries, with the Netherlands connecting 1,493 megawatts (MW) of capacity and completing the development of the Borssele Wind Farm Zone. Belgium connected 706 MW, the U.K. 483 MW and Germany 219 MW. Portugal completed the installation of a floating offshore wind farm, co-funded by the EU's NER300 programme. In total, Europe has 116 offshore windfarms spread across 12 countries.
New countries will start joining the race in the coming years. France, after many delays, will start building a number of offshore windfarms after final investment decisions were made on 1 GW of capacity that will be built by 2023. It also has plans for four small floating offshore windfarms and one large one which may kick off this year. Europe's largest coal-fired nation, Poland, passed its historic Offshore Wind Act and is aiming for 28 GW of offshore wind by 2050.
In recent weeks, Industrial Info reported on how renewable energy overtook gas and coal in Europe's electricity mix for the first time in 2020. Electricity supplied by wind, solar, hydropower and biomass accounted for 38% of the European Union's (EU's) electricity, compared to 37% supplied by fossil-fuels like gas and coal-fired power plants. For additional information, see February 3, 2021, article--Renewable Energy Tops Europe's Power Mix in 2020.
Industrial Info is tracking 6,934 active European renewable energy projects worth more than $615.07 billion.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
