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POWER: Floating Offshore Capex to Drop by 41% by 2030: BNEF

POWER
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The cost of building a floating offshore wind farm is expected to fall to $4.4mn/MW by 2030 – a 41% drop from the lowest-cost demonstration projects due to improved production and installation efficiency, according to BNEF.

  • Additionally, costs are estimated to drop 19% between 2030-2040.
  • Developers and governments should provide financial support for projects, scale the supply chain, and resolve technical issues like high-voltage dynamic cables and floating substations to ensure a lower Capex.
  • Project location is also a factor for costs.
  • Turbines are estimated to be the most expensive component of a floating wind farm meeting around 37% of the total project cost.

  • Additionally, BNEF estimates that the first commercial-scale floating wind projects to come online in 2030 will be in South Korea, followed by France and mainland China.




     

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The cost of building a floating offshore wind farm is expected to fall to $4.4mn/MW by 2030 – a 41% drop from the lowest-cost demonstration projects due to improved production and installation efficiency, according to BNEF.

  • Additionally, costs are estimated to drop 19% between 2030-2040.
  • Developers and governments should provide financial support for projects, scale the supply chain, and resolve technical issues like high-voltage dynamic cables and floating substations to ensure a lower Capex.
  • Project location is also a factor for costs.
  • Turbines are estimated to be the most expensive component of a floating wind farm meeting around 37% of the total project cost.

  • Additionally, BNEF estimates that the first commercial-scale floating wind projects to come online in 2030 will be in South Korea, followed by France and mainland China.