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Daily Newsletter

16 September 2024

Daily Newsletter

16 September 2024

EU approves €682m in Belgian state aid for offshore wind

The aid will support the construction and operation of an offshore wind farm in the North Sea.

Regan Slaymaker September 16 2024

The European Commission has announced the approval of €682m ($756.54m) in state aid to support Belgium’s renewable offshore wind energy development.  

The scheme was approved under the State Aid Temporary Crisis and Transition Framework, which was adopted by the Commission on 9 March 2023.  

The €682m aid package will support the construction and operation of the first offshore wind farm in the Princess Elisabeth Zone in the North Sea, expected to have a capacity of 700MW and generate 2.6 terawatt-hours (TWh) of renewable energy annually.  

The 700MW addition is set to mark a significant contribution to Belgium’s wind generation. 

According to Power Technology’s parent company, GlobalData, Belgium registered 7.77TWh of total offshore wind generation capacity in 2023. The EU aims to have 42.5% of its energy generated from renewable technologies by 2030, with wind power set to significantly contribute to this target.  

Belgium currently lags behind in wind generation compared with some of its European counterparts. Germany, Spain and the UK were the leading wind power generators on the continent in 2023, registering 125.64TWh, 30.9TWh and 29.83TWh, respectively, according to GlobalData.  

The European wind industry has faced substantial challenges, resulting in projects being delayed, if not abandoned altogether, due to permitting bottlenecks and ageing grids. According to a report published by the World Economic Forum, more than 500GW of wind capacity in Croatia, France, Germany, Ireland, Italy, Norway, Poland, Romania, Spain and the UK is currently waiting for grid connection assessment.  

The EU’s 2023 revision of the Renewable Energy Directive has been pivotal in overcoming this barrier but there remains room for improvement. 

Solar PV Market Overview

Per GlobalData, the cumulative installed capacity of the solar PV market was 1,480.3 GW in 2023, and is expected to achieve a CAGR of >16% during 2023-2035. The escalating demand for solar PV installations in both utility and residential sectors contributes to the solar PV market growth significantly. The report further covers the geo-political scenario, major active and upcoming plants, market size, and market drivers and challenges for 12 key solar PV market countries.

Solar PV Market Overview

Per GlobalData, the cumulative installed capacity of the solar PV market was 1,480.3 GW in 2023, and is expected to achieve a CAGR of >16% during 2023-2035. The escalating demand for solar PV installations in both utility and residential sectors contributes to the solar PV market growth significantly. The report further covers the geo-political scenario, major active and upcoming plants, market size, and market drivers and challenges for 12 key solar PV market countries.

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