Global offshore wind investment broke new records in 2020

Almost $30 billion was spent in the sector globally, new report estimates

Global investment in offshore wind set a new record in 2020.

A new report by the Renewables Consulting Group (RCG) estimates almost $30 billion (£21.5bn) was invested in the sector globally last year, surpassing the previous high of $22 billion (£15.7bn) in 2018.

The research suggests a total of 8.3GW of offshore wind capacity was financed across the European, Americas and Asia Pacific regions, excluding China. That is compared to 6.4GW financed in 2018.

The UK saw more than 3.6GW in capacity secure investment with 2.9GW supported by the contracts for difference (CfD) mechanism.

CFD is the government’s main scheme to support the deployment of new renewable capacity by reducing the cost of capital for developers.

Maxwell Clarke, Associate in RCG’s Market Intelligence Team, said: “Global offshore wind continues its extraordinary growth. Despite the pandemic, 2020 saw more offshore wind capacity financed than any year before.

“Across global markets, record capacity investments were not only seen in firm commitments to build projects but also in capacity acquired through mergers and acquisitions.”

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