OFFSHORE WIND MARKET ANALYSIS

Market News

Global Offshore Wind Market: Recent Developments

• In October 2021, Ørsted AS and Jan De Nul Group announced the signing of the final contract for the transport and installation of 107 monopile foundations and one offshore substation topside at the Gode Wind 3 and Borkum Riffgrund 3 offshore wind farms. The transport and installation are likely to start in 2023.
• In April 2021, Siemens Gamesa Renewable Energy SA secured a firm order to supply turbines for the 1.4 GW Sofia Offshore Wind Farm set in the North Sea. A total of 100 turbines are set to be deployed in the project, and this is the first time that SGRE has installed its 14MW Direct Drive offshore wind turbines.
• In May 2021, Hecate Independent Power Limited (HIP), a U.S.-based renewable power project company, introduced its HIP Atlantic Project to deploy about 10 GW of floating and fixed wind power in the North Atlantic, U.K. The project with a total expenditure of around US$ 30 billion or GBP 21 billion is projected to connect offshore farms with the national grid network.
• In May 2021, the renewable energy division of GE confirmed to receive an order within the third phase of the Dogger Bank offshore wind farm. The company is set to deliver 87 units of their Haliade-X 14 MW offshore wind turbine along with a five-year full-service agreement for the project commencing installation in 2025 ahead of its completion in 2026