Unlocking opportunities in global wind energy

With technologies progressing and governments aiming to hit their net-zero objectives, the onshore and offshore wind sector is in robust shape across Europe, North America and South Korea. Fernando Vieira assesses the state of play.

Maintenance engineers working on wind turbine in windfarm stock photo - Credit: iStock - 827003060

EICDataStream’s pipeline of renewable energy projects highlights the onshore and offshore wind energy sector as a lucrative investment opportunity, driven by substantial CAPEX, new capacity additions, imminent final investment decisions (FIDs), and anticipated launches of commercial operations.

Despite rising production and maintenance costs affecting profit margins, governments are actively incentivising wind projects to align with net-zero objectives through auction policies and financing initiatives. In addition, the wind industry is poised to benefit from the growing green hydrogen sector.

Advances in fixed and floating offshore wind technologies are making significant progress in Europe, the US and Asia. Notably, the UK anticipates FIDs on a number of floating projects in 2024/25.

Europe: offshore exploration and onshore development

In the near term, Europe is gearing up for substantial investments and increased power capacity from planned offshore wind farms, particularly in the Baltic and North Sea regions.

Noteworthy projects that reached FID in 2023 include Denmark’s 1GW Thor Offshore Wind Farm (US$2.37bn), France’s 496MW Iles d’Yeu et de Noirmoutier (US$2.4bn) and Dieppe-Le Tréport Offshore Wind Farms (US$2.4bn), the UK’s 882MW Moray Firth Western Offshore Wind Farm (US$2.8bn), Poland’s 1.1GW Offshore Wind Farm Baltic Power (US$2.5bn), and Germany’s 960MW Hochsee Offshore Wind Farm (US$1.44bn).

These projects are in the construction phase and expect to start commercial operation between 2024–2027. Siemens Gamesa has successfully secured contracts for the offshore wind projects in Denmark, France and the UK, while Vestas has emerged as the chosen contractor for ventures in Poland and Germany.

Onshore wind farm development is thriving in Scotland, with projects such as the 80MW Enoch Hill and 36MW Camster II securing FID in 2023. Similarly, Germany is repowering the existing Elster onshore wind farm to replace Enercon turbines, with operations expected to start in 2025. Sweden’s Horshaga Onshore Wind Farm, secured in 2023, is set to commence operations in 2026, with Vestas providing 147MW of turbines.

Future FID projections for 2024 highlight promising developments in Poland’s fixed offshore projects, UK floating projects and offshore fixed wind plans in Sweden. In the UK, the 96MW Erebus and 100MW Dounreay Tri floating offshore wind farms are expected to secure FID in 2024, developed by Blue Gem Wind and Copenhagen Infrastructure Partners respectively. Sweden’s major player OX2 has ambitious plans for the 1.5GW Triton and 1.7GW Galatea-Galene offshore wind farms, which are projected to commence operation in 2030.

North America: balancing onshore and offshore investments

North America boasts several offshore and onshore wind initiatives, particularly on the US’s northeastern coast. Key projects in 2023 include the 329MW Boswell Springs Onshore Wind Complex in Wyoming, developed by Innergex Renewable Energy, and Ørsted’s Revolution Offshore Wind Project in Rhode Island. Both are in the engineering, procurement and construction (EPC) stage, expecting commercial operation to begin between 2024 and 2025.


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GE Energy secured the wind turbine supply contract on the Boswell Springs project and Mortenson Construction will act as the EPC constructor. Additionally, Siemens Gamesa clinched the contract for the Revolution Offshore Wind Project.

Several major projects are expected to reach an FID during 2024. Equinor’s 2GW Empire Wind Offshore Project in New York is slated for FID in July 2024 with start-up operations planned in two phases: the first in 2026 and the second in 2027. Vestas will supply the turbines for the project, which is in the EPC stage.

The 2.6GW Coastal Virginia Offshore Wind project by Dominion Energy has a planned FID in July 2024 and estimated completion in 2026. Siemens Gamesa has secured the wind turbine supply contract for the project, which is already in the EPC stage.

Sunrise Wind’s 924MW Sunrise 1 Offshore Wind Farm in Rhode Island is expected to start commercial operation by 2026. Currently in the EPC stage and with an anticipated FID in January 2024, Siemens Gamesa has already secured the wind turbine supply contract for this project.

Wind energy takes off in South Korea

In 2023, South Korea saw FID for the first phase of the 99MW Offshore Wind Farm Jeonnam Complex, valued at US$726m. Developed by SK E&S, the project is currently in the EPC stage, with Doosan Heavy Industries set to supply the wind turbines for a targeted commercial operation in 2025.

Looking ahead to 2024, three significant offshore projects are expected to secure FIDs, showcasing the country’s growing presence in the offshore wind sector.

The Anmado Island Offshore Wind Farm, with a total capacity of 528MW across two phases, is being developed by Equis Funds Group. Currently in the EPC stage, Siemens Gamesa has secured the wind turbine supply contract, and various other EPC and original equipment manufacturer supply contractors are involved.

The 220MW Dongahe Floating Offshore Wind Farm in Ulsan is part of a larger 6GW offshore farm developed by Equinor and KNOC. The US$1.3bn first phase is in the EPC stage, with Doosan Heavy Industries providing wind turbines, and Hyundai Heavy Industries handling the construction of the floating foundations. Commercial operation is targeted for 2026. In the same region, the 1.2GW Floating Offshore Wind Farm by Korea Floating Wind, valued at US$2.5bn, aims to commence operations in 2030. However, it is still in the feasibility stage.

These developments underscore the wind energy landscape’s dynamism, offering strategic business opportunities across the globe.

Five major offshore wind projects targeting FID in 2024/2025

Coastal Virginia Offshore Wind

  • Value: US$9.8bn
  • Country: US
  • Operator: Dominion Energy
  • Start up year: 2026

Offshore Wind Farm EW Baltica-2

  • Value: 5.5bn
  • Country: Poland
  • Operator: Ørsted
  • Start up year: 2027

Atlantic Shores 1 Offshore Wind Farm

  • Value: US$4.5bn
  • Country: US
  • Operator: Atlantic Shores Offshore Wind
  • Start up year: 2027

Sunrise Wind 1 Offshore Wind Farm

  • Value: US$3.3bn
  • Country: US
  • Operator: Sunrise Wind
  • Start up year: 2026

Offshore Wind Farm Triton (Skåne)

  • Value: US$3bn
  • Country: Sweden
  • Operator: OX2
  • Start up year: 2030

By Fernando Vieira, Energy Consultant, EIC.

Interested in exploring global renewable opportunities? Inform your decision - making with the latest contracting activity and marketing research from EIC. To discuss your needs, email Sharanya Kumaramurthy at Sharanya.Kumaramurthy@the-eic.com

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