Page 8 - AsiaElec Week 42

AsiaElec RENEWABLES AsiaElec

Solar to drive 58% growth in Asia-

Pacific renewables by 2025

ASIA-PACIFIC RENEWABLE capacity in the Asia-Pacific make the country the most promising market for
region is set to rise by 60% to 815 GW by 2025, offshore wind in Southeast Asia.
with solar power surpassing wind as the main Some significant offshore wind projects on
driver of growth. the cards in the Asia-Pacific region, excluding
Recent analysis from Rystad Energy found China, are Yunlin, Changfang and Xidao in Tai-
that green capacity will grow from 517 GW to wan, Thang Long in Vietnam and Incheon in
815 GW by 2025, with solar nearly doubling South Korea.
from 215 GW to 382 GW in 2025. Following the demand from their customer
However, the steepest growth will be shown base, many traditional oilfield service companies
by offshore wind, which is forecast to jump from in the region have also started diversifying their
9 GW to 51 GW. Onshore wind’s capacity is also offerings to cater to the energy transition, Rys-
set to climb from 266 GW to 341 GW. tad’s research found.
Lastly, storage, battery and hydrogen electro- The most relevant sector for the EPCI com-
lyser capacity is likely to expand to 42 GW from panies to venture into within green energy is off-
26 GW. shore wind construction and installation.
“Renewable energy growth has led engineer- Both oilfield and wind projects offshore have
ing, procurement, construction and installation long project life cycles that require integrated
(EPCI) service providers in the region and Asian project management on a massive scale, dealing
fabrication yards to fast-track their energy tran- with mammoth structures such as jackets, plat-
sition plans to actively target low-carbon markets forms and foundations.
and tender for such contracts,” said Lin Lin Goh, EPCI companies, with a proven track record
senior energy service research analyst at Rystad in oilfield services, have an edge when it comes to
Energy. applying best practices and can leverage existing
Many national oil companies (NOCs) in the personnel competencies in every stage of an off-
Asia-Pacific region are now following in the shore wind construction and installation project,
footsteps of their European counterparts and are from design to operations.
starting their journey towards energy transition. Floating offshore wind may also be an avenue
In Malaysia, Petronas has announced that it for EPCI companies to capitalise on their expe-
will grow its presence within renewables, and rience in deepwater production facility installa-
recently invested in a solar photovoltaic (PV) tions and will be important in countries such as
system for the residential and small to medi- Japan and South Korea.
um-sized enterprise (SME) sectors in Malaysia. Asian fabrication yards will also benefit from
China’s three biggest NOCs – Petrochina, the surge in offshore wind projects globally.
Sinopec and CNOOC – are also looking to diver- Although most Chinese fabrication yards serve
sify into wind and hydrogen power. domestic demand for wind power, owing to cost
In Vietnam, PetroVietnam has announced an competitiveness, some are also on the hunt for
ambitious target of 100 MW renewable capac- market share in the international renewables
ity by 2025 and 900 MW by 2035, which would market.™

P8 www. NEWSBASE .com Week 42 21•October•2020