first_imgAsia tops Europe as leading region for offshore wind investment in 2019 FacebookTwitterLinkedInEmailPrint分享Recharge:Total investment in offshore wind power projects in Asia Pacific (APAC) came in at almost double that of Europe in 2019, as the fast-moving emerging market eclipsed the sector’s historic heartland for the first time, according to new research from the Renewables Consulting Group (RCG).Led by Taiwan, Japan, and Vietnam, the capital spend in APAC surpassed $10bn, while in Europe just over $5.5bn was invested – a differential largely explained by the “maturity of the [latter] market and intense competition” which have driven down the levelised cost of energy per megawatt by over 50% in recent years, said the UK analysts.Overall, by RCG’s calculus in its Global Offshore Wind: Annual Market Report, Europe saw just under 1.4GW of offshore wind plant reach financial close last year, while for APAC this was nearly 2GW.“Taipei’s offshore wind development plan, supported by a feed-in tariff, is starting to bear fruit [in Taiwan] with five projects reaching financial close in 2019, totaling almost 2GW in cumulative capacity,” said RCG director Lee Clarke, noting that the financial investment decision (FID) reached on the Changfang and Xidao projects in the first quarter of 2020 suggested the “mechanisms and procedures that can be adopted in emerging markets in order to attract investment and lower project costs.”Clarke also spotlighted break-out FIDs for the Vietnamese and Japanese markets, via Tra Vinh 1 and Akita projects, respectively reached the same milestone. Though 2019 was a “particularly strong year” for the APAC region in locking up project investment, other markets “continue to advance,” emphasized Clarke, pointing to RCG’s forecast that 8-13.5GW of cumulative capacity will reach FID in the next four years worldwide.“Europe and the Americas laid the foundations for similar project progress from 2020-2023, with significant lease auctions, power purchase solicitations and legislative changes taking place in the past year. In the UK, France, the Netherlands, and the US, large-scale offshore wind solicitations have positioned more projects closer to financial close than in any previous year in the history of the offshore wind market,” said Clarke.[Darius Snieckus]More: Asia offshore wind power capital spend eclipses Europe’s for first timelast_img read more