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July 29, 2019updated 30 Jul 2020 9:17pm

SSE Renewables opens £2.5bn Beatrice offshore wind farm in Scotland

SSE Renewables has officially opened the £2.5bn Beatrice offshore wind farm situated in the North Sea, 13km off the coast of Caithness in Scotland.

SSE Renewables has officially opened the £2.5bn Beatrice offshore windfarm situated in the North Sea, 13km off the coast of Caithness in Scotland.

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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.
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Beatrice is Scotland’s largest offshore windfarm which features 84 turbines. It can generate 588MW clean electricity that is enough to power nearly 450,000 homes in the region.

It was developed by SSE (40%) in partnership with Copenhagen Infrastructure Partners (35%) and Red Rock Power (25%).

SSE Renewables managing director Jim Smith said: “The UK has the biggest offshore wind industry in the world and this world-class offshore project paves the way for future development in Scotland and the UK to help decarbonise our economy while boosting jobs and growth.

“Most importantly, Beatrice will save around 8m tonnes of harmful carbon emissions over its 25-year lifetime operation, making one of the most significant contributions across the UK in combating climate change and meeting our net zero ambitions.”

Construction of the new windfarm has provided a £2.4bn economic boost to the UK, of which £1bn went directly to Scotland. The project is set to support up to 90 long-term jobs, ranging from offshore technicians to office administrators.

UK government Business Minister Lord Duncan said: “Wind energy provided a record-breaking 17% of the UK’s electricity last year, an increase supported by sustained government investment which is enabling the sector to grow, now contributing £2.4 bn to the UK economy while driving down costs.

“Beatrice will support nearly 400 jobs in Scotland and today’s grand opening reinforces our world-leading credentials in seizing the economic opportunities of the global shift to a greener, cleaner future.”

 

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Free Report
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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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