Offshore Wind Power in Hainan

 

What 
  • Importance: The “14th Five-Year Plan” offshore wind power development target planned by 11 coastal provinces and cities in China exceeds 60GW. In 2022 and 23, due to the impact of the epidemic, adjustments to sea-use policies, and restrictive factors such as military and waterways, offshore wind power projects developed slowly. As of 23 Q3, the cumulative installed capacity of offshore wind power during the "14th Five-Year Plan" was only 22GW, less than half of target. To achieve the targets outlined in the "14th Five-Year Plan" at both provincial and city levels, there will be an accelerated focus on the development and construction of offshore wind power over the next two years. This will result in a significant increase in installed capacity in the offshore wind sector. That provide opportunities for related companies.
  • Business opportunity: According to statistics on existing projects, the potential construction scale of offshore wind power projects in 24 years will be around 16GW. At the same time, in terms of deep-sea offshore wind power development, in 2023 the National Energy Administration issued the "Notice on Organizing and Carrying out Pilot Demonstrations for Renewable Energy Development", which proposed to support the application of large-capacity wind turbines from near (sea) and deep (sea), and support demonstration project. Guangdong launches 16GW deep sea project in 2023. Jiangsu releases preliminary work tender for 5.8GW deep sea project in 2023. Guangxi started preliminary work on deep sea offshore wind power projects, involving a total capacity of 13.4GW.
    • Companies specializing in the manufacturing of wind turbines can benefit from the increased demand for offshore wind power projects.
    • Electrical and Subsea Cable Manufacturers: The development of offshore wind farms requires extensive subsea cable networks for power transmission. Companies involved in the manufacturing of electrical and subsea cables can supply the necessary infrastructure for offshore wind power projects.
  • Concrete project plan: Hainan Province's major projects in 2024 include 6 offshore wind power projects with a total scale of 6.5GW and a total investment of 80.332 billion RMB.
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Call to action

Please contact thomas.larsen@business-sweden.se for more details.