Nicole Yeomans, Offshore Industrials Lead and Marine Ecology Expert at NatureMetrics, says technology can future-proof floating offshore wind investments against nature risks.
In 1991, ten years after the construction of the first wind turbine, the world’s first offshore wind farm was built in Denmark. Since then, much research has been conducted to better utilise the ocean’s wind power, making offshore wind not only a viable form of sustainable energy, but a strong investment opportunity. Large capital investments into engineering technologies have driven a price reduction of this renewable energy which became price-competitive in Europe with conventional power sources in 2017.
Until recently, offshore wind turbines were placed on fixed structures and could not be installed in very deep or complex seabed locations, which limited the number of sites where these turbines could be utilised. However, the development of floating offshore wind platforms in recent years has opened the door to more offshore sites where the higher wind potential is being utilised in larger and deeper areas.
These large platforms can take different shapes to provide the turbines with buoyancy and stability. They are connected with cables to heavy weights on the seafloor, allowing platforms to float and move with tides and waves but preventing them from drifting. In 2022, 7.1% of global wind power installation came from offshore wind contributing 64.3GW across 19 countries and three continents. By 2050, floating offshore wind will represent 6% of all offshore wind share and a total projected capacity of 300GW.
Exponential growth
With the race to net zero on – and looming renewable energy targets to meet for many countries by 2030 – the interest in the floating offshore sector has grown exponentially. In March 2023, the US administration set a goal to generate 30GW of floating offshore wind energy by 2030, which would power over 10 million homes. Meanwhile in the UK, Labour leader Keir Starmer recently announced an increased investment into floating offshore wind technologies as part of a £8.3 billion budget should the party win the upcoming election. This investment aims to further the UK’s net zero target of obtaining 50GW of energy from offshore wind by 2030. In December 2023, The European Investment Bank also announced a €5 billion commitment to support wind manufacturers and over €20 billion in financing for new projects, such as large-scale offshore wind in the North Sea, small-scale renewable energy projects in Spain, and supply