{"id":824,"date":"2020-01-20T10:25:43","date_gmt":"2020-01-20T08:25:43","guid":{"rendered":"http:\/\/ege-windturbines.com\/en\/?p=824"},"modified":"2020-01-20T10:25:43","modified_gmt":"2020-01-20T08:25:43","slug":"offshore-wind-spending-reaches-record-high-in-2019","status":"publish","type":"post","link":"https:\/\/ege-windturbines.com\/en\/2020\/01\/20\/offshore-wind-spending-reaches-record-high-in-2019\/","title":{"rendered":"Offshore Wind spending Reaches Record High in 2019"},"content":{"rendered":"<p>[et_pb_section admin_label=&#8221;section&#8221;][et_pb_row admin_label=&#8221;row&#8221;][et_pb_column type=&#8221;4_4&#8243;][et_pb_text admin_label=&#8221;Text&#8221; background_layout=&#8221;light&#8221; text_orientation=&#8221;justified&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/cached.offlinehbpl.hbpl.co.uk\/NewsAttachments\/OPW\/BNEF2019spending.jpg\"><img loading=\"lazy\" src=\"https:\/\/cached.offlinehbpl.hbpl.co.uk\/news\/WPW\/BNEF2019spending.jpg\" alt=\"\" width=\"900\" height=\"598\" \/><\/a><\/p>\n<p dir=\"ltr\"><em>Total investments in renewables capacity increased last year, but was still only the third highest annual spend on record (pic: Bloomberg New Energy Finance)<\/em><\/p>\n<p dir=\"ltr\">In total, $138.2 billion was invested in wind power in 2019 while total renewable energy spending rose to $282.2 billion, according to BloombergNEF (BNEF).<\/p>\n<p dir=\"ltr\">Despite a subdued start to 2019 renewable energy investment activity picked up in the second half of the year, with increased interest in US onshore wind, and offshore wind in\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/china\">China\u00a0<\/a>and Europe.<\/p>\n<p dir=\"ltr\">With multi-billion-dollar financings for projects in UK,\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/taiwan\">Taiwanese<\/a>\u00a0and Chinese waters in the fourth quarter, spending on new offshore wind farms rose 19% to a record-high $29.9 billion.<\/p>\n<div id=\"advertCentre\">\n<div id=\"c501Ad\" class=\"commercialSlot\" data-location-code=\"C\" data-sizes=\"300x250\" data-google-query-id=\"CMnI7e7fkecCFVPDuwgdE-sOBg\">\n<div id=\"google_ads_iframe_\/5748\/wpw.main\/page\/news\/article_5__container__\"><iframe id=\"google_ads_iframe_\/5748\/wpw.main\/page\/news\/article_5\" title=\"3rd party ad content\" src=\"https:\/\/tpc.googlesyndication.com\/safeframe\/1-0-37\/html\/container.html\" name=\"\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" sandbox=\"allow-forms allow-pointer-lock allow-popups allow-popups-to-escape-sandbox allow-same-origin allow-scripts allow-top-navigation-by-user-activation\" data-is-safeframe=\"true\" data-google-container-id=\"6\" data-load-complete=\"true\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<p dir=\"ltr\">\u201cWe expect the (offshore wind) sector\u2019s global momentum to continue in 2020, with the focus on gigawatt-scale projects in the\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/uk\">UK<\/a>\u00a0North Sea and the first commercial arrays off the\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/united-states\">US<\/a>\u00a0East Coast,&#8221; said\u00a0Tom Harries, head of wind research at BNEF.<\/p>\n<h4 dir=\"ltr\">Technologies<\/h4>\n<p dir=\"ltr\">Wind power spending outstripped solar investments in 2019, according to BNEF\u2019s analysis.<\/p>\n<table border=\"2\" align=\"right\">\n<tbody>\n<tr>\n<td><strong>Technology<\/strong><\/td>\n<td><strong>Investment total<\/strong><\/td>\n<td><strong>% change year-on-year<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Wind<\/td>\n<td>$138.2bn<\/td>\n<td>+6%<\/td>\n<\/tr>\n<tr>\n<td>Solar<\/td>\n<td>$131bn<\/td>\n<td>-3%<\/td>\n<\/tr>\n<tr>\n<td>Biomass<\/td>\n<td>$9.7bn<\/td>\n<td>+9%<\/td>\n<\/tr>\n<tr>\n<td>Small hydro<\/td>\n<td>$1.7bn<\/td>\n<td>-3%<\/td>\n<\/tr>\n<tr>\n<td>Geothermal<\/td>\n<td>$1bn<\/td>\n<td>-56%<\/td>\n<\/tr>\n<tr>\n<td>Biofuels<\/td>\n<td>$0.5b<\/td>\n<td>-43%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\">The $138.2 billion spent on wind power in 2019 \u2014 $108.3 billion on onshore, $29.9 billion on offshore \u2014 marked a 6% increase from the previous year.<\/p>\n<p dir=\"ltr\">Fourth quarter financings of the\u00a0$3.4 billion,\u00a0<span class=\"popover__wrapper\"><a class=\"popover__title\" href=\"https:\/\/www.windpowermonthly.com\/intelligence\/fa6ad588-1368-d0a0-7f4b-103902087906\">448MW Neart na Gaoithe<\/a><small><\/small><\/span>\u00a0off the north coast of Scotland, the\u00a0$2 billion,\u00a0<span class=\"popover__wrapper\"><a class=\"popover__title\" href=\"https:\/\/www.windpowermonthly.com\/intelligence\/4eabd688-ea86-7470-dc22-e3775e556074\">376MW Formosa 2<\/a><small><\/small><\/span>\u00a0off the west coast of Taiwan, and\u00a0$1.5 billion for the\u00a0500MW Fuzhou Changle C in East China Sea, helped nudge offshore wind annual spending to record levels.<\/p>\n<p dir=\"ltr\">Meanwhile, solar spending dipped 3% to $131 billion, as wind power overtook it as the best financed renewable energy source in 2019.<\/p>\n<p dir=\"ltr\">Investments rose 9% year on year to\u00a0$9.7 billion in biomass and waste-to-energy, but fell 3% to\u00a0$1.7 billion in small hydro, 56% in geothermal to $1 billion, and 43% in biofuels to $500 million, BNEF found.<\/p>\n<h4 dir=\"ltr\">China v the US<\/h4>\n<p dir=\"ltr\">Renewable energy investment in the world\u2019s biggest-spending market slipped 8% in 2019, BNEF noted, with $83.4 billion spent in China.<\/p>\n<table border=\"2\" align=\"right\">\n<tbody>\n<tr>\n<td><strong>Country<\/strong><\/td>\n<td><strong>Investment total<\/strong><\/td>\n<td><strong>% change year-on-year<\/strong><\/td>\n<\/tr>\n<tr>\n<td>China<\/td>\n<td>$83.4b<\/td>\n<td>-8%<\/td>\n<\/tr>\n<tr>\n<td>US<\/td>\n<td>$55.5b<\/td>\n<td>+28%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\">Wind accounted for $55 billion of this total \u2014 up 10% year on year \u2014 while solar spending fell 33% to \u20ac25.7 billion.<\/p>\n<p dir=\"ltr\">Harries said 15 offshore wind projects were brought forward in China last year, as developers moved to exploit the country\u2019s\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/article\/1660433\/rush-beat-subsidy-end-puts-squeeze-supply-chains\">expiring feed-in tariff<\/a>\u00a0support scheme.<\/p>\n<p dir=\"ltr\">Meanwhile, in the US a record-high $55.5 billion was spent on renewables in 2019, as wind and solar developers rushed to qualify for the\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/article\/1669158\/modest-extension-us-wind-tax-credit\">tax credits scheme<\/a>, which was due to be scaled back in 2020.<\/p>\n<p dir=\"ltr\">BNEF\u2019s head of Americas, Ethan Zindler, said wind and solar being \u201cmore cost competitive than ever\u201d also helped drive investment despite the Trump presidency being \u201cnot particularly supportive of renewables\u201d.<\/p>\n<h4 dir=\"ltr\">Europe<\/h4>\n<table border=\"2\" align=\"right\">\n<tbody>\n<tr>\n<td><strong>Country<\/strong><\/td>\n<td><strong>Investment total<\/strong><\/td>\n<td><strong>% change year-on-year<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Europe<\/strong><\/td>\n<td><strong>$54.3b<\/strong><\/td>\n<td><strong>-7%<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Spain<\/td>\n<td>$8.4b<\/td>\n<td>+25%<\/td>\n<\/tr>\n<tr>\n<td>Netherlands<\/td>\n<td>$5.5b<\/td>\n<td>+25%<\/td>\n<\/tr>\n<tr>\n<td>UK<\/td>\n<td>$5.3b<\/td>\n<td>-50%<\/td>\n<\/tr>\n<tr>\n<td>Germany<\/td>\n<td>$4.4b<\/td>\n<td>-40%<\/td>\n<\/tr>\n<tr>\n<td>France<\/td>\n<td>$4.4b<\/td>\n<td>+3%<\/td>\n<\/tr>\n<tr>\n<td>Sweden<\/td>\n<td>$3.7b<\/td>\n<td>-19%<\/td>\n<\/tr>\n<tr>\n<td>Ukraine<\/td>\n<td>$3.4b<\/td>\n<td>+56%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\">In Europe, the total renewables spend of $54.3 billion was down 7% from 2018, despite investments increasing 25% in\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/spain\">Spain<\/a>\u00a0to $8.4 billion, its highest spend since 2011.<\/p>\n<p dir=\"ltr\">The\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/netherlands\">Netherlands<\/a>\u00a0also saw a 25% increase to $5.5 billion.<\/p>\n<p dir=\"ltr\">Investment was up 3% to $4.4 billion\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/france\">France<\/a>, while the $3.4 billion spent in Ukraine was\u00a056% more than the previous year.<\/p>\n<p dir=\"ltr\">However, renewable energy investment of $5.3 billion in the UK was down 40% its lowest spend since 2007.<\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/www.windpowermonthly.com\/germany\">Germany<\/a>\u00a0saw spending fall 30% to $4.4 billion, its lowest since 2004, and a 19% decrease in\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/sweden\">Sweden<\/a>\u00a0meant just $3.7 billion was invested there.<\/p>\n<h4 dir=\"ltr\">Asia-Pacific &amp; Middle East<\/h4>\n<table border=\"2\" align=\"right\">\n<tbody>\n<tr>\n<td><strong>Country<\/strong><\/td>\n<td><strong>Investment total<\/strong><\/td>\n<td><strong>% change year-on-year<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Japan<\/td>\n<td>$16.5b<\/td>\n<td>-10%<\/td>\n<\/tr>\n<tr>\n<td>India<\/td>\n<td>$9.3b<\/td>\n<td>-14%<\/td>\n<\/tr>\n<tr>\n<td>Australia<\/td>\n<td>$5.6b<\/td>\n<td>-4%<\/td>\n<\/tr>\n<tr>\n<td>UAE<\/td>\n<td>$4.5b<\/td>\n<td>n\/a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\">Renewables investments fell in other key Asia-Pacific markets, including a 10% drop in\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/japan\">Japan<\/a>\u00a0to $16.5 billion, a 40% decrease in Australia to $5.6 billion, and 14% decline in\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/india\">India<\/a>\u00a0to $9.3 billion.<\/p>\n<p dir=\"ltr\">However, annual spending reached a record-high for renewables in the United Arab Emirates, where most of the $4.5 billion spent there last year was on a 950MW solar thermal and photovoltaic complex.<\/p>\n<h4 dir=\"ltr\">The Americas<\/h4>\n<table border=\"2\" align=\"right\">\n<tbody>\n<tr>\n<td><strong>Country<\/strong><\/td>\n<td><strong>Investment total<\/strong><\/td>\n<td><strong>% change year-on-year<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Brazil<\/td>\n<td>$6.5b<\/td>\n<td>+74%<\/td>\n<\/tr>\n<tr>\n<td>Chile<\/td>\n<td>$4.9b<\/td>\n<td>+300%<\/td>\n<\/tr>\n<tr>\n<td>Mexico<\/td>\n<td>$4.3b<\/td>\n<td>+17%<\/td>\n<\/tr>\n<tr>\n<td>Argentina<\/td>\n<td>$2b<\/td>\n<td>-18%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\">Finally, several South and Central American markets saw spending increase in 2019, with renewables investments up 74% in\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/brazil\">Brazil<\/a>\u00a0to $6.5 billion, and up 17% in\u00a0<a href=\"https:\/\/www.windpowermonthly.com\/mexico\">Mexico<\/a>\u00a0to $4.3 billion.<\/p>\n<p dir=\"ltr\">Financings in Chile totalled $4.9 billion and were up four-fold from the previous year.<\/p>\n<p dir=\"ltr\">However, renewables spending in<a href=\"https:\/\/www.windpowermonthly.com\/argentina\">\u00a0Argentina<\/a>\u00a0of $2 billion was down 18% year on year.<a href=\"https:\/\/www.windpowermonthly.com\/article\/1671093\/offshore-wind-spending-reaches-record-high-2019\">https:\/\/www.windpowermonthly.com\/article\/1671093\/offshore-wind-spending-reaches-record-high-2019<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[et_pb_section admin_label=&#8221;section&#8221;][et_pb_row admin_label=&#8221;row&#8221;][et_pb_column type=&#8221;4_4&#8243;][et_pb_text admin_label=&#8221;Text&#8221; background_layout=&#8221;light&#8221; text_orientation=&#8221;justified&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221;] Total investments in renewables capacity increased last year, but was still only the third highest annual spend on record (pic: Bloomberg New Energy Finance) In total, $138.2 billion was invested in wind power in 2019 while total renewable energy spending rose to $282.2 billion, according [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/posts\/824"}],"collection":[{"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/comments?post=824"}],"version-history":[{"count":1,"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/posts\/824\/revisions"}],"predecessor-version":[{"id":825,"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/posts\/824\/revisions\/825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/media\/571"}],"wp:attachment":[{"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/media?parent=824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/categories?post=824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ege-windturbines.com\/en\/wp-json\/wp\/v2\/tags?post=824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}