On the back of corporate demand and increased non-recourse bank financing, the European wind sector saw investment in 20GW of new capacity, 13GW in the EU itself with the remainder in geographical Europe. This broke down into 13GW of onshore and 7GW off, and showing a 70 per cent increase in investment.
The news came in the latest report from WindEurope, Financing and investment trends 2020. Despite the challenges of COVID-19, this was the second highest amount invested in the wind sector to date. And given that the year of highest investment was 2016, where developers rushed through to take advantage of the last of the available feed-in tariffs, this is a huge step for the sector.
There is still a significant capacity gap, with the European wind industry needing to add 27GW to achieve European Commission goals of 55% renewable energy by 2030. WindEurope chief executive said that the sector expects to be able to roll-out capacity growth of 15GW over the next few year, leaving a gap of around 12GW of capacity.