Substantial growth in EU offshore wind power investments

As Europe faces the danger of recession, one industry is planning massive growth.
The European offshore wind industry is set to more than triple its annual investments over the next decade – creating jobs, manufacturing and construction opportunities in many countries.
The European Wind Energy Association expects annual investments in the European offshore wind industry to reach 10 bln euros by 2020. This sector has shown strong growth despite difficulties in accessing financing due to the financial crisis (installations in 2011 are expected to be 13% up on installations in 2010).
"So far the financing squeeze has not really been felt very much in the offshore wind industry," said Henrik Stiesdal, Chief Technology Officer of Siemens Wind Power.
"I guess the main reasons are that many deals are balance sheet financed by very solid companies, and that many parties can clearly see the long-term solidity of the business. In that respect we are very different from many other businesses."