Taiwan is forecast to build around 15GW of new offshore wind capacity by the end of 2035.
GlobalData, a data and analytics company, predicts the country’s offshore wind market is “set to grow multifold” as its energy sector transitions towards the national goal of achieving a more sustainable power mix and reaching 20% renewables by 2025.
Taiwan plans to reduce its reliance on fossil fuel generation, as well as aiming to phase out nuclear generation entirely by 2025.
Its offshore wind capacity is expected to reach more than 4.5GW by 2025, expanding to 10.1GW by 2030 and reaching more than 15GW by 2035 – this would make it the largest offshore market after China in the Asia-Pacific (APAC) region.
Somik Das, Senior Power Analyst at GlobalData, said: “Taiwan is blessed with high offshore potential, providing greater market size and stability, conducive policy environment, established Power Purchase Agreement market, and project financing ease, which are predicted to act as the multipliers that will ensure Taiwan is presented as the most attractive offshore market in APAC region.”