Global offshore wind reaching FID hits record 12.3 GW in 2023

Around 2.3 GW are projects located in Asia Pacific.

The overall offshore wind project investments that closed in 2023 reached a record 12.3 gigawatts (GW), a strong rebound from the 0.8 GW that attained the final investment decision (FID) in 2022.

In a report, offshore wind specialist TGS - 4C Offshore said the Asia Pacific region accounted for 2.3 GW of the projects that reached FID, located in Taiwan and South Korea.

Europe led the investment closure with eight projects reaching FID with a total capacity of 9.3 GW.

The remaining 704 megawatts are in the USA at Revolution Wind.

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"Despite ongoing project delays and cancellations, 2023 has still managed to produce record progress in offshore wind,” Richard Aukland, Director of Research at TGS - 4C Offshore, said.

“With high activity and a significant year of offtake auctioning expected in 2024 as countries work to hit their 2030 installation targets, a positive scene is being set for the next twelve months, and this will translate into record construction activity later in the decade," he added.

Meanwhile, TGS said the offtake auction for 2024 “continues to look healthy” as 47.5 GW are scheduled this year, of which 40 GW are in Europe.

Projects that will reach FID this year could reach 13 GW, it added.