This is an extract from a recent report “Global Wind Report 2025” by GWEC.
China
2024 was a year of vigorous development for China’s wind power industry, with remarkable progress in technological innovation, industrial scale expansion, policy environment optimisation, and market structure reshaping. In 2024, newly grid-connected wind power capacity in China was nearly 80 GW, surpassing the previous installation record set in 2023. Cumulative installed capacity was more than 520 GW, accounting for almost 50% of the total global wind power installed capacity. The installed capacity of wind power and solar PV power generation reached 1,400 GW by the end of 2024, surpassing the installed capacity of thermal power for the first time in China’s history. Wind power accounts for one-tenth of the country’s total power generation, making it the third-largest source of electricity after thermal power and hydropower. The clean energy sector (including renewables, nuclear power, electricity grids, energy storage, EVs and railways) contributed 10% of China’s GDP in 2024. It has become the top driver of economic growth. The government introduced policies to support wind power. The “Thousands of Townships and Villages Embracing Wind Power Initiative”, for example, promotes the construction of wind power projects in rural areas. The market potential driven by this initiative is estimated at 2,000 GW. In 2023, the National Energy Administration (NEA) issued the “Wind Farm Renovation, Upgrade, and Decommissioning Management Measures” encouraging the renovation and upgrade of wind farms that have been in operation for over 15 years or have turbines with power ratings of less than 1.5 MW. To date, 15 provinces have issued implementation plans and launched pilot projects.
Non-stop technological innovation: In 2024, the Chinese wind power industry achieved several technological breakthroughs, including the installation and operation of offshore wind turbines in the 18-20 MW range and the batch operation of 16 MW offshore wind turbines. Last October Dongfang Electric announced the world’s largest offshore wind turbine with a nameplate capacity of 26 MW, while Goldwind rolled a 22 MW offshore wind turbine off the assembly line in December. As for onshore wind power, 10 MW models have been installed on a large scale, and SANY installed a 15 MW onshore turbine prototype for testing in October 2024. Furthermore, the world’s highest wind farm, at an altitude of 5,200 meters, was commissioned in Tibet. China has five pilot floating wind projects in operation. The most recent is Mingyang’s 16.6 MW V-shaped OceanX, which was installed in waters off Guangdong. In 2024, CRRC launched its 20 MW floating turbine, which was installed at an onshore testing site in Shandong province in early 2025. Mingyang introduced 143m wind turbine blades in February 2024, and the 147m blades manufactured by Goldwind and Sinoma Blades passed a static load test last September. SANY commissioned the world’s largest 35 MW “six-degrees-offreedom” wind turbine test bench during China Wind Power 2024 in October. A 40 MW test platform is under construction in Shantou, Guangdong.
Going global to support the energy transition: Over the past twenty years, China has forged the world’s largest, most comprehensive and highly competitive wind industry. The Chinese wind supply chain is now actively expanding its global footprint. Goldwind’s manufacturing base in Brazil has commenced operations in Camaçari, Bahia. Sinoma has established a blade factory in the same Brazilian city to supply Goldwind. Sany is in the process of constructing an assembly plant in Kazakhstan. Envision has established production capacity in India and declared investments in Kazakhstan and Saudi Arabia. Mingyang has established joint ventures in South Korea and Italy to serve local markets. Shanghai Electric has announced a joint-venture plan in South Korea.
Renewable energy market reform with a growth mindset: To encourage further growth in the renewable energy sector, China’s National Development and Reform Commission (NDRC) and NEA have recently issued a market-oriented pricing scheme. For projects commissioned before June 2025, the transition will follow a price difference settlement mechanism, aligning grid connection pricing with current policy. New projects coming online after the deadline will have power purchase agreements adjusted dynamically, based on local renewable energy targets, with pricing set through competitive bidding. The industry believes this setup will trigger an installation rush in the first half of this year. Since 2025 marks the final year of China’s 14th Five-Year Plan, and more than 150 GW of wind turbine orders were made in 2024, 2025 is expected to be another record year for new installations. However, developers will be more cautious about future investments due to growing uncertainty about rates of return. The Chinese wind industry has faced similar crossroads several times.
Australia
Australia has some of the world’s best onshore and offshore wind resources, and the sector is set to play a large role in the country’s energy transition away from ageing coal-fired generation. Wind power – all of it onshore – accounted for 33.5% of Australia’s renewable power generation in 2024, providing 32,519 GWh of energy, making it the largest category of clean power supply in the Australian renewable energy sector. Overall, it supplied 13.4% of Australia’s total power generation in 2024, while renewable energy represented 40% of Australia’s total electricity generation mix, up slightly from the previous year. Seven onshore wind farms were connected to the grid in 2024, with the largest – Tilt Renewables’ Rye Park – coming in at just a whisker below 400 MW. Meanwhile several even larger onshore wind farms are currently under construction: the 414 MW Uungula in New South Wales, the 450 MW Clarke Creek and the 923 MW Macintyre in Queensland, and the two stages of the 1.33 GW Golden Plains in Victoria.
A resurgence in wind energy investment: Eight new onshore wind projects saw financial commitments in 2024, for a total 2.2 GW of new generation capacity, at an estimated value of AUD 5.9 billion ($3.71 billion). This marks a resurgence in wind energy project investment, following a slump in 2023 which was driven by higher equipment, construction, and financing costs, planning and environmental assessment bottlenecks, and policy uncertainty. The federal and state governments have made focused efforts to streamline assessment processes and reduce commercial risks for new clean energy investments through the expanded ‘Capacity Investment Scheme’. This competitive tendering process will provide revenue underwriting for 23 GW of new large-scale generation and 9 GW of dispatchable capacity by 2027. Such efforts appear to be boosting renewed investor confidence. Likely federal elections in May 2025 could place this confidence at risk, however. The Federal Opposition – a coalition of the Liberal and National parties – has indicated a preference for nuclear energy development, rather than continued momentum in renewable energy generation and storage investment. While a change of government would be unlikely to change the investment case for renewables, it could provide additional headwinds for projects in the development pipeline.
Offshore wind powers up: In 2024, the Australian offshore wind industry saw significant developments, with area declarations, awarding of feasibility licences, and increased regulatory support. Outstanding consultations for proposed offshore wind areas were completed, with declaration processes finalised in 2024 for the Southern Ocean, Illawarra, Indian Ocean (Bunbury) and Bass Strait (Northern Tasmania) offshore wind areas. They join Gippsland and the Hunter as the six declared areas for future offshore wind development. Following the awarding of 12 GW of feasibility licences across six projects in the Gippsland offshore wind area in 2023, an additional six licences were granted in July 2024 to the following projects: the 3 GW Aurora Green, 2.1 GW Greater Gippsland, 1.5 GW Navigator North, 2 GW (approximate) Kent, 2.5 GW Great Eastern, and 2 GW Gippsland 2. This brings the total feasibility licence capacity awarded in the Gippsland offshore wind area to 25 GW. In early 2025, the Federal Minister for Climate Change and Energy made formal offers for feasibility licences in the Hunter offshore wind area for the 2 GW Novocastrian project, and in the Southern Ocean offshore wind area for the 1+ GW Spinifex project. Pending acceptance of these offers, the total capacity of projects awarded feasibility licences in Australia could surpass 28 GW.
Victoria sets legal targets for offshore wind: Following its announcement in 2022 of a 9 GW offshore wind target by 2040, with interim steps of 2 GW by 2032 and 4 GW by 2035, Victoria legislated the target under the Climate Change and Energy Legislation Amendment (Renewable Energy and Storage Targets) Act 2024 in March. VicGrid, which is responsible for the development of onshore connection points for Victorian offshore wind areas, opened a tender process last December seeking a public-private partnership for delivery of Gippsland’s transmission infrastructure requirements. This includes selecting a development partner to design, build, finance, operate and maintain the transmission lines and connection hub linking Gippsland’s offshore wind area to the National Electricity Market. The expression of interest process for the Victorian government’s first 2 GW offshore wind auction round, which was originally slated for Q4 2024, is expected in H1 of 2025.
India
India’s wind energy sector is witnessing strong growth, with 3.4 GW of new capacity added in 2024 – the highest annual installation level since 2017 – bringing total capacity to 48.16 GW. Most of the new installations were in Gujarat, Karnataka and Tamil Nadu. With rising energy demand driven by industrialisation and urbanisation, wind energy is crucial to India’s goal of achieving 500 GW of non-fossil capacity by 2030 and net-zero emissions by 2070. Achieving 10 GW of annual wind energy capacity additions by 2030 will be key to positioning wind power as a cornerstone of India’s decarbonisation strategy. Under the National Electricity Plan for 2022–2032, installed wind capacity is estimated to reach 73 GW in 2026– 2027 and 122 GW in 2031–2032. Sustaining this momentum, however, requires large-scale investment, enhanced grid infrastructure, streamlined regulations and technological innovations. Onshore wind growth, while supported by newer kinds of tenders such as hybrid and firm and dispatchable renewable energy (FDRE), is hindered by land acquisition issues. Greater grid integration is needed, as well as the repowering of ageing turbines and a secure supply of rare earth materials for wind turbine production to further boost India’s wind energy strides. As the second-largest hub for onshore wind turbine assembly and key component production in the Asia Pacific, India is strategically placed for wind manufacturing expansion, reducing imports of large components such as castings and pultrusion carbon fibre.
Onshore wind and repowering: Ranking fourth globally with 48.2 GW of installed onshore wind as of January 2025, India is the second-largest wind market in the Asia Pacific region after China. India’s onshore wind sector is gaining momentum thanks to supportive policy, regulatory and infrastructure enablers. The central government is pushing to modernise transmission infrastructure through initiatives such as the Green Energy Corridor and HVDC networks. Repowering ageing wind farms in key states such as Tamil Nadu, Maharashtra and Gujarat is likely to boost the country’s generation potential. Further enablers for accelerating onshore wind installations in this market include: An onshore wind auctions target of 10 GW annually over the 2023–2027 period; Wind-specific renewable purchase obligations (RPOs) from 2023 to 2030 and high demand from the C&I segment; Inter-State Transmission System charges waiver up to June 2025 (i.e., installation will peak in 2025); Plans to upgrade the transmission network to integrate 48GW onshore wind capacity by 2030; Policy measures in support of wind power procurement and an established local onshore wind energy supply chain.
Auctions awarded and announced in 2024: Following the government’s announcement that it was targeting 50 GW of renewable energy and 10 GW of onshore wind bids per year between 2023 and 2027 through single-stage/e-reverse auction bidding, last year saw a surge in activity. By the end of December 2024, nearly 27.3 GW of projects had been awarded, either as standalone wind or as wind components of hybrid projects. Gujarat, Tamil Nadu, Maharashtra, Rajasthan and Karnataka led the way for India’s 2024 wind energy auctions.
Strategic push for offshore wind: India’s offshore wind sector gained some momentum in 2024 with the announcement of a 4 GW tender in Tamil Nadu and a 500 MW project off Gujarat’s coast. To ensure financial viability and attract private investment, the government approved a $893 million Viability Gap Funding (VGF) scheme in support of 1 GW of offshore projects and port upgrades. These initiatives aim to leverage India’s vast coastline and wind potential while reducing reliance on conventional power. However, sustained policy support, infrastructure expansion and technological innovation are all needed to scale offshore wind energy and achieve long-term renewable energy goals. India must invest in grids, ports infrastructure, vessel availability, supply chain, secure blended and concessional finance, and leverage technological innovations for the seamless integration of offshore wind into the national energy mix. The wind industry in India is gaining momentum, with new opportunities emerging in areas such as supply chains, offshore wind and innovative tenders to harness wind energy. Progress in 2024 has raised ambitions, making it important to build resilience and introduce robust risk mitigation and support measures. Onshore wind remains a key focus, with repowering initiatives in Tamil Nadu, Maharashtra and Gujarat enhancing efficiency. The C&I segment is booming with rising demand, and this is also evident from auctions that favour wind capacity additions. But challenges persist, including land acquisition disputes, transmission infrastructure limitations, and auction delays affecting Power Purchase Agreements (PPAs).
Singapore
Singapore is setting an example of regional collaboration within the APAC region, supporting the energy transition and contributing to the global net zero target. Despite having no domestic wind market, Singapore actively supports the buildout of global offshore wind capacity through providing critical products and services across the value chain, acting as a hub for project development and financing, and driving innovation and standards development. In October 2024, Singapore announced plans to raise its low-carbon electricity imports from 4 GW to 6 GW by 2035, which will meet one-third of its energy needs. To date, the country has issued Conditional Licenses or Approvals for 10 projects, including a 1.2 GW offshore wind project in Vietnam jointly developed by Singapore’s Sembcorp and Vietnam’s PTSC.
Enterprise Singapore, the government agency supporting the growth of the offshore wind cluster in Singapore, estimates that over 40 Singaporean companies are involved in the supply chain of offshore wind projects in the US, UK, EU, Taiwan (China), Korea and Japan. Singaporean companies have also invested in both onshore and offshore wind farms in overseas markets, further consolidating their role in the global offshore wind industry. In 2024, the Singapore government announced a commitment of $500 million USD in concessional funding for the Financing Asia’s Transition Partnership (FAST-P), launched by the Monetary Authority of Singapore (MAS) at COP28. This blended finance initiative, pooling public and private capital, aims to attract commercial capital and other sources of financing to support Asia’s green transition, with a goal of raising up to $5 billion USD for the region’s green and transition financing needs.
Floating offshore wind and beyond: Innovation is crucial as the industry advances to floating offshore wind projects by 2030. The Technology Centre for Offshore and Marine, Singapore (TCOMS), a national R&D hub, is working with industry collaborators to test and validate concept designs for floating foundations, floating offshore substations and mooring solutions. In parallel, Singapore is also participating in international standards bodies to help shape design requirements for offshore wind turbines and electrical components.
The Philippines
The government has implemented key policies to accelerate wind energy deployment. The Department of Energy (DOE) revised its Renewable Energy Act to allow 100% foreign ownership in wind energy projects. It has also facilitated Energy Virtual One-Stop Shop (EVOSS) improvements to expedite regulatory approvals and minimise bureaucratic delays for wind developers. The Philippines Energy Plan (PEP) 2024–2050 sets out a roadmap for increasing renewable energy capacity, reinforcing wind power including offshore wind as key pillars of the country’s future energy mix. For offshore wind projects, the signing of a Memorandum of Agreement (MoA) between the Department of Environment and Natural Resources (DENR) and the DOE aims to streamline offshore wind permitting processes – particularly seabed and foreshore leases – ensuring faster project approvals. The Power Development Plan (PDP) 2023–2050 outlines the vision of aligning transmission projects with future offshore wind capacity. The PDP underscores the critical need for timely grid planning and execution to support the country’s ambitious renewable energy targets of a 35% share by 2030 and 50% by 2040.
Turning wind service contracts into operational projects: While collectively these policy advancements strengthen the Philippines’ position as an attractive investment hub for wind energy, the transition from planning to execution is still challenging. Developers often encounter hurdles in both the pre-development and construction phases. In the pre-development stage, securing permits remains a major roadblock. Developers must navigate multiple layers of approvals from both national and local agencies, leading to extended processing times. Grid connection approvals still take a long time to process, creating bottlenecks in project timelines. Additionally, while assessments have been conducted, granular data and clearer zoning guidelines are necessary to facilitate efficient site selection and planning. During the construction phase, supply chain constraints pose a significant risk. The local manufacturing base for wind turbine components, installation vessels and port facilities remains underdeveloped, increasing reliance on imports. This dependence may lead to potential delays due to global supply chain disruptions. Furthermore, the lack of wind-ready ports and transmission infrastructure creates logistical bottlenecks, impacting project execution timelines.
The availability of skilled labour is another concern, as the offshore wind sector requires specialised technical expertise, which is in short supply in the local workforce. Additionally, contractual issues, particularly concerning liability and risk allocation, complicate negotiations between developers, contractors and financiers. Financing remains another crucial barrier. Offshore wind projects demand high upfront capital, typically ranging from $3–4 million USD per MW, necessitating access to blended finance mechanisms such as concessional loans, green bonds and risk-mitigation instruments. Issues on the Renewable Energy Payment Agreement (REPA) bankability and an evolving regulatory environment may deter financial institutions, which seek predictable revenue streams and risk-sharing mechanisms such as tariff indexation and sovereign guarantees. Recognising these challenges, the government has been taking steps towards a more holistic approach to accelerating offshore wind development. Efforts to streamline the permitting process are under way, with greater integration of relevant agencies into EVOSS and the establishment of a single-window clearance system aimed at reducing delays. Public-private partnerships are increasingly being explored to enhance infrastructure readiness, particularly in port and transmission development to resolve logistical bottlenecks. On the financing front, measures such as tariff indexation, hedging solutions and credit enhancement mechanisms are being considered to de-risk investments and bolster investor confidence.
Infrastructure: The successful integration of largescale wind energy, particularly offshore projects, is heavily dependent on the readiness of grid and port infrastructures. Stakeholders have identified grid congestion and insufficient transmission planning as major barriers to accommodating additional renewable energy capacities. To address this, accelerated grid expansion plans, proactive investments in offshore transmission networks and clear policies granting grid access to renewable energy developers are essential. Port infrastructure also requires substantial upgrades to support wind energy logistics. The Philippine Ports Authority (PPA) has committed to investing in key ports, including Subic, Batangas and Iloilo, to facilitate offshore wind development. Encouraging private sector participation through PPPs can expedite infrastructure development and ensure projects align with the ambitious timelines of offshore wind initiatives. Additionally, the government is exploring co-financing port development with international investors, particularly through blended finance mechanisms that combine concessional funding with private sector capital. Another key element is the development of localising the wind energy supply chain. The Philippines has the potential to build a robust manufacturing base for wind components, particularly in sectors like shipbuilding, steel and cement, essential for offshore wind construction.
Creating a sustainable market design: The upcoming Green Energy Auction Program 5 (GEAP 5), to be released by the third quarter of 2025, will mark a significant milestone with the inclusion of offshore wind for the first time, reflecting the Philippine government’s proactive approach to expanding renewable energy. While the GEAP has played a significant role in securing commitments for wind energy, a diversified market approach is required to ensure long-term growth. The DOE’s policy shift allowing 100% foreign ownership in renewable energy projects has significantly bolstered investor confidence, leading to substantial commitments in the sector. To enhance market dynamics, the government should promote additional offtake mechanisms beyond traditional PPAs. Corporate PPAs allow private entities to directly procure renewable energy, diversifying revenue streams for developers. Furthermore, expanding carbon markets and renewable energy certificate (REC) trading can support wind project bankability. A well-structured carbon pricing mechanism can provide a secondary revenue stream by monetising the avoided emissions from wind power generation.
South Korea
South Korea has significant wind energy potential, both onshore and offshore, with a target of achieving a total cumulative installed capacity of 18.3 GW, as highlighted in its Offshore Wind Competitive Bidding Roadmap announced in August 2024. This includes 4 GW from onshore projects and 14.3 GW from offshore wind. The Renewable Portfolio Standard (RPS) for Renewable Energy Certificates (RECs), which mandates large power generators to produce 14% of their power from renewable sources in 2025, is expected to be gradually phased out by 2026. Currently, the Korea Energy Agency will match power generators to award wind projects that have secured a 20-year fixed-price contract through a PPA. Nevertheless, it remains unclear what kind of remuneration system will replace the RPS system. Due to the limited availability of suitable land for onshore development, the country remains focused on harnessing its 624 GW of technical potential for fixed-bottom and floating offshore wind. Between 2024 and 2026, South Korea intends to conduct competitive bidding tenders for offshore wind projects, targeting a capacity of 7–8 GW.
The future of offshore wind permitting: On 27 February 2025, the National Assembly passed the Offshore Wind Power Promotion Act, commonly referred to as the ‘OSS Bill’, a significant milestone after years of extensive debate, stakeholder consultations, and multiple iterations of the proposed legislation. This landmark bill was part of a broader legislative package that included the National Backbone Power Grid Expansion Act, the Semiconductor Special Act and the High-Level Radioactive Waste Management Act. The simultaneous passage of these bills underscores the strong agreement and coordinated effort required between the political parties. The OSS Bill is designed to address longstanding challenges in the offshore wind sector by streamlining the often lengthy and complex permitting processes. It introduces a centralised approach whereby the government designates offshore wind development sites and grants site exclusivity to selected developers. However, implementation of the OSS Bill will require careful planning to navigate the transition from the current system to the new centralised model. A key aspect of this transition is the ‘two-track process’ accommodating both new projects under the centralised framework and existing projects that have already obtained Electricity Business Licenses (EBLs) and/or Offshore Public Water Permits (OPPWs). The latter will continue progressing under the developer-led approach. The process for project developers who have previously obtained EBLs wanting to have their project location as a designated offshore wind zone will need to be considered. The dual-track system must acknowledge the realities of an implementation period that will take around one year. The priority is to ensure that the offshore wind sector can continue to grow in the meantime without disruption.
A potential supply chain leader for the region: Positioned as the next major supply chain hub after China and India, South Korea’s wind supply chain is robust and well-positioned for growth opportunities, potentially even as an export market. The country has extensive expertise in shipbuilding, foundation manufacturing, submarine cables, offshore wind turbine production, the automotive industry, and electrical and electronic components. These capabilities provide a solid foundation for expanding into both the onshore and offshore wind sectors. While domestic OEMs have already established a presence in the onshore wind market, greater collaboration with international players is needed to scale up local capabilities, particularly in manufacturing blades, power converters and castings. For offshore wind, South Korean OEMs are currently testing a 10 MW turbine, signifying an important step in strengthening their offshore wind supply chain capabilities. To fully capitalise on South Korea’s supply chain potential and position the country as an export hub, policy interventions are essential. The recent passing of the OSS Bill is a commendable first step, as it streamlines permitting issues – one of the key barriers to installation and investment in global markets. Additionally, South Korea should seize the opportunity to attract international OEMs looking to establish manufacturing facilities. The country can also leverage its shipbuilding expertise to address vessel shortages and enable the serial production of floating substructures to meet offshore wind demand domestically, across Asia Pacific and globally.
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