Despite the global economic recession, the European offshore wind industry is set to more than triple its annual investments over the next decade.
According to a report from the European Wind Energy Association (EWEA), annual investments in the European offshore wind industry are expected to reach 10 billion euros by 2020.
The offshore wind industry has shown strong growth, despite difficulties in accessing financing due to the financial crisis, EWEA says, noting that installations this year are expected to be up 13% over last year.
‘So far, the financing squeeze has not really been felt very much in the offshore wind industry,’ says Henrik Stiesdal, chief technology officer of Siemens Wind Power. ‘I guess the main reasons are that many deals are balance-sheet-financed by very solid companies and that many parties can clearly see the long-term solidity of the business. In that respect, we are very different from many other businesses.’