The Philippines could get nearly one-fifth of its power from offshore wind by 2040 under a high-growth scenario that would deliver 21GW of capacity, according to the latest study from the World Bank. However, numerous challenges need to be overcome to realise this commercial potential.
Surging oil, gas, and power prices, together with the European Union (EU)’s goals of becoming less dependent on Russian supplies, and post-Covid-19 pandemic inflation, will catapult global energy spending this year to a record $2.1 trillion. Significantly, similar levels of spending have not been seen since 2014, Rystad Energy research shows.
Japan’s Mitsui has agreed to make an investment in a large-scale 1.3GW renewable energy project that India’s ReNew Power is developing.
Technip Energies will carry out a front-end engineering and design (FEED) work for Equinor’s floating offshore wind Firefly project in South Korea.,
Europe’s ambitious timetable for building its way out of a dependence on Russian energy faces potential delays and billions of dollars in extra costs as the war in Ukraine makes steel, copper and aluminium scarce and more expensive.
Japan's Mitsubishi is confident that the three offshore wind projects it won last year in auctions will be profitable despite the low feed-in tariff prices it bid, the head of its energy solutions unit told Reuters.
Aker Offshore Wind and Mainstream Renewable Power have closed a deal that will see them take an initial 50% ownership stake in Progression Energy’s 800 MW floating offshore wind project in Japan.
Japanese shipping company Mitsui OSK Lines (MOL), Toho Gas and Hokuriku Electric Power, will buy a 25% share in the 128 MW Formosa I offshore wind project in Taiwan from Macquaries’ Green Investment Group, which is exiting the country’s first utility-scale offshore wind farm.
Shell is set to acquire 49% of Australian wind farm developer, WestWind Energy Development, which has a 3 GW project pipeline across the states of Victoria, New South Wales (NSW) and Queensland, that requires some $4.3 billion in investment.
Scottish Development International (SDI) will lead Scotland’s largest ever offshore wind trade mission to Taiwan this month. A delegation of 16 Scottish companies specialising in offshore wind project development, construction, installation, operations, and maintenance will take part in Wind Energy Asia, Taiwan’s leading wind industry supply chain trade show. It will be held at the Kaohsiung Exhibition Centre from 9 to 11 March, where Scotland will have a pavilion for the first time.
The deal volume for renewable energy assets in Asia more than tripled to $13.6 billion in 2021, as the number of transactions surged by 53% year-on-year to 75. Significantly, large corporate mergers in the solar energy sector fuelled the considerable increase in value, reported Enerdatics, a research company.
Germany’s RWE and India’s Tata Power are teaming up to explore the potential development of offshore wind projects in India. Significantly, India remains an unexplored and highly attractive market for offshore wind given its large coastline of 7,600 kms.
China’s renewables manufacturing has emerged from 2021 bigger and more competitive than ever before. Western markets are benefitting from trading with the IKEA of the energy transition, but balancing reliance on China’s technology providers with local interests is now a key political, as well as environmental challenge, says Wood Mackenzie.
A Mitsubishi-led consortium has dominated Japan’s first-ever fixed-bottom offshore wind auction with record-low prices. The results surprised the industry, but European know-how will still be needed to make the nascent sector a success in Japan.
The era of ever-cheaper clean power is over, giving a fresh jolt of uncertainty to global energy markets battered by one supply crisis after another.
Orsted has announced that Matthias Bausenwein will return to Europe for family reasons and take on a new role outside of Orsted. He will therefore step down from his position as president of Asia-Pacific and chairman of Orsted Taiwan on 20 January.
Spain’s Iberdrola is eying five early-stage offshore wind projects in the Philippines as part of its ambitious push to expand its footprint in the Asia Pacific region.
The Scottish Government has approved planning permission for two council-owned wind farms in Orkney.
Offshore wind developer Enterprize Energy and the Vietnamese Institute of Energy have teamed for a study assessing “green hydrogen’s potential to supercharge Vietnam’s energy capabilities.”
Japanese exploration and production company Inpex (TYO:1605) is expanding its footprint in offshore wind after acquiring shares of an offshore wind power generation company in the Netherlands. It has also established a UK-based renewable energy division to focus on Europe.
Vietnam is leading the pack in Southeast Asia for wind power installations with 3.98GW installed as of October, up from 103MW in 2020. The country now ranks among the global top ten markets for installed wind power capacity, even though its offshore sector has yet to lift off.
Singapore’s Keppel Offshore & Marine (Keppel O&M) has signed a global framework agreement with giant offshore wind developer Orsted to potentially undertake future offshore substation (OSS) projects.
The Scottish government is committed to expanding the Scotland-Vietnam relationship as the power-hungry Southeast Asian nation hopes to expand its nascent offshore wind sector. Significantly, there will be increasing opportunities for Scottish companies as Vietnam eyes offshore wind development in deeper waters.
New climate targets announced at the COP26 summit by Indian Prime minister Narendra Modi look set to boost renewable energy growth. However, India’s insatiable demand for electricity will keep the market highly reliant on coal power, posing challenges to the country's decarbonisation plans, according to Fitch Solutions.
Italy’s Falck Renewables will sell its founding family’s 60% holding in the company to an investment vehicle run by JPMorgan Chase & Co, in a deal valuing the company at nearly $3 billion.