-
3.3GW of capacity was brought online in 4Q 2024, with this capacity coming from projects in Mainland China and Taiwan.
-
Total global installed capacity stands at 81.2GW and forecasted total installed capacity in 2030 is 281.3GW.
-
Commercial activity in 4Q has shown mixed results in terms of PPAs and project capacity transactions. While the number of PPAs signed this quarter exceeded those in 3Q, the announced project transaction capacity was comparatively lower. A total of six PPAs have been signed and these account for at least 1.7GW of offshore wind capacity. 5GW of offshore wind project transaction announcements have also occurred in 4Q 2024.
-
An estimated 7.0GW of offshore wind capacity was sanctioned in 4Q 2024 and this was attributed to 14 wind farms.
-
10.8GW of lease capacity was awarded, 41% less than the amount awarded in 3Q 2024. Although awarded leasing capacity has reduced on a quarterly basis, 2024 accounted for the highest amount of awarded global offshore wind lease capacity to date with 69.0GW of capacity being awarded.
Bahzad Ayoub, Senior Analyst – Offshore Wind
[email protected]
Peter Lloyd-Williams, Senior Analyst – Offshore Wind
[email protected]
This is excerpted from Westwood’s Global Offshore Wind Quarterly Report, which is available to subscribers of WindLogix. For more information and purchase options, please contact [email protected].
- Total global installed offshore wind capacity stands at 77.0GW and is forecast to reach 296.4GW by 2030.
- 2.36GW of capacity was brought online, with almost all coming from Mainland China.
- 2.2GW of capacity was sanctioned and attributed to six wind farms. This is a 60% drop compared to 2Q’s 5.5GW, which attributed to 11 projects.
- 18.4GW of lease capacity was awarded, 46% less than the amount awarded in 2Q24.
- Commercial activity in 3Q24 was higher than the previous quarter, both in terms of PPAs and project capacity transaction announcements. Five PPAs were signed and account for 653.7MW of capacity, while 5.36GW of offshore wind project transactions were announced.
Bahzad Ayoub, Senior Analyst – Offshore Wind
[email protected]
Peter Lloyd-Williams, Senior Analyst – Offshore Wind
[email protected]
This is excerpted from Westwood’s Global Offshore Wind Quarterly Report, which is available to subscribers of WindLogix. For more information and purchase options, please contact [email protected].
