Fixed Offshore Wind Energy Market Trends

Fixed Offshore Wind Energy Market Trends

Establishment of renewable energy targets and mandates, adopting offshore wind as an energy source in the energy matrix coupled with allotment of renewable energy certificates that allow clean energy producers to sell the environmental attributes of their electricity separately, providing an additional revenue stream, thereby enhancing the product demand. These targets provide a clear signal to developers, investors, and stakeholders about the government's commitment to expanding renewable energy deployment, including offshore wind will contribute to the business momentum. Further, competitive auctions or tender processes to award contracts along with financial incentives comprising grants, subsidies, tax credits, and low interest loans can help offset the upfront costs of offshore wind development and improve project economics.