Counsel Jonathan Morton authored an article in Riviera discussing the growing issues in the offshore wind sector around the globe, particularly due to lack of capacity in the supply chain, and potential ways to widen these bottlenecks.
Read an excerpt below:
Installation of the first commercial offshore wind project in the United States has begun just off Martha’s Vineyard, and the Biden Administration has announced its goal of 30 GW of offshore wind energy by 2030. China has overtaken more established players in the field to have by far the largest amount of installed capacity in the world.
Global exponential growth seems on the horizon. But there remains a problem. Larger projects require port infrastructure investment, supply chain development, and decisions on operation and maintenance methods. The pace of permitting continues to be a global issue. Negotiation of contracts remains slow, and the development of standard forms for the industry is still in its infancy. Costs are still high, and many see potential storm clouds on the horizon.
To read the full article on Riviera, click here.