Despite the impact of the COVID-19 pandemic, 2020 was another record-breaking year for the global offshore wind sector:
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:
Orrick’s 2021 Offshore Wind Energy Update and Outlook, linked below, considers these trends and various legal/regulatory points and general market updates are considered in the context of the world’s principal offshore wind markets, building on our 2020 report (Orrick Offshore Wind Energy Update and Outlook) and drawing on our experts’ direct experiences over the past year. If you have any questions, please get in touch with us or the authors of the respective country reports.