ImpactAlpha, November 9 — Engineering and technological advances are pushing down the costs of offshore wind power. Stamford, Conn.-based climate infrastructure investor Sandbrook Capital took a majority stake in Norway-based Havfram’s wind business, which works with developers to install wind turbines at sea.
Havfram will use Sandbrook’s $250 million equity investment to build a fleet of vessels to support offshore wind farms.
Winds of change
The Inflation Reduction Act includes $100 million for offshore wind (for context, see “Speeding the energy transition: A seven-point action plan”). Globally, government incentives and participation from private investors, are projected to increase offshore wind capacity almost 16-fold, to 630 gigawatts by 2050, up from 40GW in 2020.
President Biden’s executive order last year calls for 30 gigawatts of offshore wind capacity by 2030 (currently the entire Americas region hosts just 3 gigawatts of wind capacity).