European Wind Turbine Market Outlook Update Q3 2020
Following the easing of restrictions on the wind turbine supply chain across Europe in Q3 2020, the outlook for the wind sector will depend on the effectiveness of national and EU recovery plans
European Wind Turbine Market Outlook Update Q3 2020
Following the easing of restrictions on the wind turbine supply chain across Europe in Q3 2020, the outlook for the wind sector will depend on the effectiveness of national and EU recovery plans
Following the easing of restrictions on wind turbine supply chain across Europe in Q3 2020, the outlook for the wind sector will depend on the effectiveness of national and EU recovery plans
The European wind industry is the global leader in the wind turbine market, realising projects in more than 80 countries worldwide. As such, its companies rely on both European and global supply chains for raw materials and components. However, outbreak of Covid-19 posed a risk to investments made in wind energy segment in Europe facing higher risk of delay or even cancellation. In 2019 the wind energy industry invested USD 59.3 bn in Europe, USD 21 bn of which was for the financing of new wind energy projects which are likely to be affected due to the crisis. Additionally, the uncertainty over the evolution of the COVID-19 crisis will also likely increase the cost of finance as banks will be less willing to lend as they are concerned about liquidity and corporate finance. In contrary, many European countries like Germany, Netherlands, Lithuania and Greece have confirmed they will stick exactly to their 2020 auction schedules. Also, France and Germany are setting out the Recovery Plan, made climate policy commitments such as: support for a higher 2030 emissions reduction target which shall put the wind turbine segment in Europe on track to bring in efficiency in supply chain.
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Key Highlights
The European Investment Bank (EIB) is providing USD 66 million of finance for the construction and operation of two new wind farms in Austria with a total capacity of approximately 43.6 MW.
Iberdrola seals the purchase of the French wind power company Aalto Power for €100m. This company has 118 MW of onshore wind energy already operational and a portfolio of wind farm projects totalling 636 MW at various stages of development.
German wind developer WPD AG has plans to build as many as 30 wind turbines that would reach heights of up to 250 meters (820 feet) in Sweden.
Report Insights
Vestas enters into a wind power service agreement for Senvion wind turbines in Croatia. Vestas will deliver the maintenance of the project’s five Senvion MM92-2.05 wind turbines and the 18-year Active Output Management 4000 (AOM 4000) service agreement will commence immediately.
UK government ministers awarded development consent to Swedish company Vattenfall’s plans for a 1.8 GW wind farm in the UK North Sea. The Norfolk Vanguard wind farm will comprise 90 to 180 wind turbines with heights of up to 350m.
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