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May 1, 2018

innogy to build 325MW Kaskasi offshore wind farm in Germany

German energy company innogy has secured a contract to build and operate the 325MW Kaskasi offshore wind farm in the country.

German energy company innogy has secured a contract to build and operate the 325MW Kaskasi offshore wind farm in the country.

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The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The company has been awarded the contract by Germany’s federal regulatory authority the Bundesnetzagentur.

The new wind farm will be built in the German North Sea as the site offers beneficial wind conditions.

Germany’s Federal Maritime and Hydrographic Agency (BSH) has also confirmed the suitability of the location.

“This is another milestone in capturing value accretive growth options.”

The company will finalise the investment decision for the Kaskasi project by 2020 and aims to commence wind farm operations by 2022.

innogy Renewables COO Hans Bünting said: “We are very pleased that our Kaskasi project has been successful in Germany’s latest offshore auction, reconfirming our ability to successfully compete in a challenging market environment.

“Following our success in the latest renewables auction in the UK, in which we received a contract for the difference for our 860MW Triton Knoll offshore wind project, this is another milestone in capturing value accretive growth options.”

innogy will be constructing the Kaskasi offshore wind farm at Heligoland, within the same grid connection cluster as the company’s Nordsee Ost wind farm.

With the new contract, innogy has further strengthened its footprint in the German wind farm market.

The company is currently engaged in executing its projects in both the on and offshore wind and solar sectors.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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