Offshore Wind

Responding to the energy crisis, the UK has fast-tracked a 2050 zero-carbon electricity pledge to 2035. That brings with it some very serious security-of-supply doubts.

Offshore wind has taken off in Europe, with turbines visible on coastlines from Scotland to the Mediterranean. North America is lagging behind, but could be about to take off.

Greater clarity that only the government can provide is needed around issues such as grid connections, financial certainty mechanisms and permitting, K2 Management’s Gary Bills explains.

A supportive administration will be crucial to unleashing the power of the sector in the US, but significant obstacles remain.

A surge of actors, including oil and gas players such as BP and Total, are coming late to the party and paying catch-up money for the entry ticket.

It's also a sign of how the UK oil major intends to 'do things differently' in the renewable energy space, including by taking on development risk.

The portfolio comprises six projects developed by Macquarie’s renewable energy platform Acacia.

GIG will invest around $11.6bn in the five projects, with the majority of funds coming from Korean institutional investors.

The joint venture will see the Danish fund manager expand its footprint in Asia.

Japan will designate one or more promotion areas for offshore wind energy each year as it aims to derive 1.7% of its energy from the sector by 2030.