The future of offshore wind is being restricted by the finance sector’s unwillingness to invest in it.
Still unsteady from the recent financial crisis, the banks are finding it hard to raise funds for what they deem as a risk-tainted industry.
Niels Jongste, Managing Director at Green Giraffe Energy Bankers did say that, with the right methods, investment can be found as offshore wind is “turning into a major industry and moving away from being an expensive hobby.”
Bankers are concerned with the development costs more than the construction costs as the technology is yet to be fully trusted and offshore projects don’t yield as much return as traditional forms of power generation.
Mr Jongste recommended projects should look toward multi-lateral groups who can combine smaller funds in larger groups.