2021 Offshore Wind Energy Update and Outlook

Despite the impact of the COVID-19 pandemic, 2020 was another record-breaking year for the global offshore wind sector:

• additional installed capacity increased by 5.2 GW, with total global installed capacity hitting 32.5 GW;

• global investment in the sector reached US$30 billion;

• 15 new projects went into operation, bringing the total number of operational offshore wind projects to 162 (globally);

• the average size of newly operational projects was 347 MW (compared to 325 MW in 2019); and • full-time jobs in the sector reached an estimated 297,000.

This trajectory will not change as a result of the pandemic. If anything, the pandemic has served to reinforce the attractiveness of the sector. Investors searching for a secure revenue stream during uncertain times have found a safe haven in existing projects (typically benefiting from stabilising revenue support), while governments seeking to “build back better” and reach “net zero” have put offshore wind at the center of the global energy transition, driving forward new projects. This is demonstrated by some themes identified in this report, including...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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