World - Huge £27bn Offshore Wind Spending Surge in 2020 Despite Covid-19 Pandemic
The global offshore wind sector saw a huge financing surge of around £27 billion in the first half of 2020, despite the threat posed to the energy sector by the coronavirus pandemic.
Latest figures from research company BloombergNEF (BNEF) claims that offshore wind had “by far” it’s busiest business year in the first half of 2020.
It said the number of offshore wind final investment decisions more than offset declines in investment in solar, onshore wind and biomass.
The sector experienced first-half financing in 1H 2020 totaling £27 billion, up 319% year-on-year and above 2019’s record full-year figure of £25,2bn).
The first half of this year saw investment decisions made on 28 offshore wind farms, including the £3bn Seagreen Offshore Wind Farm.
Albert Cheung, head of analysis at BNEF, said: “We expected to see Covid-19 affecting renewable energy investment in the first half, via delays in the financing process and to some auction programs.