While the energy market has been moving from fossil-fuel dependency to a cleaner, greener system for some time, the transition has been gaining notable momentum over the past five years or so. Interest in offshore wind, in particular, is picking up. This was the general consensus of industry experts from the European Investment Bank, the United Nations Environment Programme and Siemens Financial Services (SFS) at a recent leading energy conference, held at London’s Chatham House.
Certainly, they agreed, there is an abundance of capital looking for long-term investment opportunities in this area. The rapid speed at which Project Galloper – a 336 Megawatt offshore wind farm off the east coast of the UK, backed by SFS – reached financial close is testament to the market’s appetite.
“The problem now is getting enough well-structured projects to the table,” said Wolfgang Bischoff, Head of Energy Finance EMEA at Siemens Financial Services in a video shot at the event.
“It is the government’s responsibility, particularly in the EU, to help ensure that. They are the only ones who can guarantee a long-term stable energy policy, without which, investor interest in renewables will fade”, added David Kerins, Energy Economist from the European Investment Bank.
Moorgate directed, scripted, filmed and produced the video below, which covers some of the event’s key topics: