Taiwan is becoming the next battleground for the world’s top offshore wind developers as they seek a foothold in Asia for a technology that has been expanding fast in Europe, according to Reuters.
Taiwan announced results today of its first major offshore wind farm auction that aims to add 3.8 GW of capacity to its existing network of just 8 MW.
The island’s offshore wind market is expected to expand to 5.5 GW by 2025, and the government aims to invest $23 billion on onshore and offshore wind projects by 2025, law firm Jones Day says.
Taiwan is making a big push to attract investments in renewable technology as it phases out nuclear power by 2025, after the 2011 Fukushima disaster in Japan highlighted the risks of using nuclear energy in a region prone to earthquakes.
For developers in Europe, where expanding offshore wind projects particularly in the North Sea has driven down costs, Taiwan is seen as a route into Asian markets, such as Japan and South Korea, where the technology is still barely used.
Denmark’s Orsted and Germany’s wpd were today’s biggest winners, securing contracts to install 900 MW and 1 GW of capacity, respectively.
Filed Under: Offshore wind, Projects
