22 hours Ago By [email protected] (MENAFN)
This recovery follows a slowdown in 2024, where newinstallations dropped to 8 GW, 2 GW lower than the previous year. Asurge in lease auctions, particularly in Mainland China, is drivingthe growth. Despite the increase in capacity, uncertainties remain,especially regarding lease agreements.
In 2024, 55 GW of offshorewind capacity was offered globally, though not all of it has beenawarded. The US, for example, saw no bids for a 3-GW floating windauction in Oregon. Lease offerings are expected to decline in 2025,with 30-40 GW projected.
The US federal policy, particularly President Trump's memorandumhalting new leasing and approvals on the Outer Continental Shelf,continues to create uncertainty, impacting ongoing projects anddelaying new developments. However, certain projects, like Red RockPower's Inch Cape in the UK and Equinor's Empire Wind 1 in the US,made progress in 2024, securing financial close and contracts,which boosts investor confidence. In Europe, the UK, Poland, and Germany are expected to lead theway with 9.
5 GW of projects reaching final investment decisions(FID) in 2025, particularly in Poland, where major wind farms areon track for approval. MENAFN10032025000187011040ID1109295090 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.
If you have any complaints or copyright issues related to this article, kindly contact the provider above..
