EUR 3.9 billion are expected to be spent on major component replacement (MCR) on offshore wind farms in Europe throughout the 2020s, with EUR 1.6 billion of the MCR pot to be poured into using jack-up vessels, according to projections from Wood Mackenzie. As the global offshore wind turbine fleet ag
Odfjell Oceanwind has secured a pre-project grant from Enova, Norway’s fund for climate and energy technologies, to mature its first commercial contracts for Mobile Offshore Wind Units (MOWUs) and WindGrid for the electrification of oil and gas installations. The grant is awarded under Enova’s full-
Irish floating offshore wind developer Simply Blue Group is looking to develop floating wind projects in the US and has now assembled a leadership team for its operations in the country. With the US recently announcing its offshore wind target of 30 GW by 2030 and experts saying the country has the
Windar Renovables has signed a EUR 50 million sustainable factoring line with BBVA (Banco Bilbao Vizcaya Argentaria) to finance the contract the company was recently awarded for the Baltic Eagle offshore wind project. The contract financing, which will support Windar’s manufacturing and delivery of
Tekmar Group and DeepWater Buoyancy have signed a Memorandum of Understanding (MoU) to work together in the offshore wind sector. The partnership is focused on the new and emerging floating offshore wind market which has an exponential growth forecast of 10 GW installed capacity by 2030, the compani
Wind turbine prices are expected to increase by up to ten per cent over the next 12 to 18 months due to increases in commodity prices, logistics costs, and coronavirus-related challenges, according to a new analysis from Wood Mackenzie. As noted in a recent Wood Mackenzie report, a rise in steel, co
PGE Polska Grupa Energetyczna has selected Société Générale as a financial advisor for the construction of the Baltica 2 and Baltica 3 wind farms in the Polish Baltic Sea. With a combined capacity of 2.5 GW, Baltica 2 and Baltica 3 represent the largest investment of this type in the Polish part of
Four US Senators have introduced a bill to create offshore wind manufacturing tax credits aimed at advancing the manufacturing and offshore wind deployment in the USA. With the growing number of offshore wind leases offered in the United States, the Offshore Wind American Manufacturing Act is said t
World’s leading offshore wind developer Ørsted recorded a DKK 7.142 billion (EUR 960 million) net profit in the first half of 2021, a 186 per cent increase compared to DKK 2.493 billion net profit recorded in the first half of 2020. The company’s operating profit (EBITDA) for the first half year amo
Dublin-headquartered Gazelle Wind Power Limited has raised USD 4 million in funding to accelerate the development of its hybrid floating offshore wind platform. This investment includes USD 1.3 million in seed funding and another USD 2.7 million in strategic long-term financing which will be used to
Danish wind turbine manufacturer Vestas has lowered its full-year guidance citing supply chain constraints, cost inflation, and restrictions in key markets caused by COVID-19. These are the characteristics of the current environment the impacts of which are likely to continue in the second half of t
Siemens Gamesa will expand its offshore blade factory in Hull, England by 41,600 square metres, more than doubling the size of the manufacturing facilities. The expansion represents an investment of GBP 186 million and is planned to be completed in 2023. A portion of the investment will be funded th
Prysmian has taken delivery of its new 170-metres-long cable-laying vessel (CLV) Leonardo da Vinci. Leonardo da Vinci’s first deployment will be the installation of the Viking Link submarine cable connection between the UK and Denmark. The vessel has just arrived at Prysmian’s Arco Felice production
GRI Renewable Industries will build an offshore wind turbine tower factory at Able Marine Energy Park, Hull, the UK. The Madrid-headquartered tower manufacturer will invest GBP 78 million in the new factory which is expected to create up to 260 direct jobs. GRI Renewable Industries plans to supply i
