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Sam Pfeifle

Offshore Wind is Booming, Pandemic or Not

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If you thought maybe the pandemic was going to derail offshore wind and make it all go away, well, that's not going to happen. Business is booming. The Guardian reports that business has quadrupled since the pandemic started. 

Quote

 

A report has found that investors gave the greenlight to 28 new offshore windfarms worth a total of $35bn (£28bn) this year, four times more than in the first half of 2019 and well above the total for last year as a whole.

The biggest half-year tally for offshore wind investment more than made up for a slowdown in investment for onshore wind and solar farm projects after the outbreak of Covid-19, according to the report by Bloomberg NEF (BNEF).

Albert Cheung, BNEF’s head of analysis, said: “We expected to see Covid-19 affecting renewable energy investment in the first half, via delays in the financing process and to some auction programmes. There are signs of that in both solar and onshore wind, but the overall global figure has proved amazingly resilient – thanks to offshore wind.”

 

 

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