亚太地区海上风电融资：评估海上风电的成本竞争力

FinancingOffshore Windin APAC Assessing the Cost Competitivenessof Offshore Wind JUNE 2025 The Global Wind Energy Council (GWEC)is the global trade associationfor the wind power industry, with over 1,500 members responsible for 70%of the world's wind capacity. Our members include major turbine manufac-turers, energy companies, developers, and technology providers. GWECadvocates for the wind industry globally, collaborating with organizationslike the IRENA, IEA, local associations and development banks to help gov-ernments and policymakers unlock wind energy's full potential. GWEC’s mission is to ensure that wind power fulfills its role as one of the keytechnology solutions to today’s energy and climate challenges, forming the back-bone of a new clean energy system and enabling trillions of dollars of investmentwhile providing substantial economic and social benefits to host countries. Copyright © June 2025 This document contains forward-looking statements. These statements arebased on current views, expectations, assumptions and information ofthe Authors. The Authors and their employees and representatives donot guarantee the accuracy of the data or conclusions of this work. Theyare not responsible for any adverse effects, loss or damage in any wayresulting from this work. Permissions and Usage This work is subject to copyright. Its content, including text and graphics,may be reproduced in part for non-commercial purposes, with full attri-bution. Authors:Janice CheongReviewers:Liming QiaoMark Hutchinson 04FINANCING OFFSHORE WIND IN APACGWEC FINANCE PAPER Executive Summary1.Introduction2.LCOE Definition and Methodology3.Drivers Affecting LCOE4.Offshore Wind LCOE Comparison5.Conclusion050606081315 Contents ExecutiveSummary The offshore wind industry has faced significant macroeconomic challengesover the past three years, including rising raw material costs, inflation, in-creased financing expenses, and supply chain uncertainties. However, theworst of these headwinds now appears to be subsiding, and policymakersare responding to market conditions by implementing targeted solutions tosupport the sector. This paper highlights the drivers of offshore wind costs,exploring the impact of economic and regulatory challenges on the levelisedcost of electricity (LCOE). Despite macroeconomic volatility, offshore windremains cost-competitive— already evident in mature offshore wind marketssuch as the UK, Germany, and China. Cost reductions in offshore wind are closely tied to market maturity. In newmarkets, LCOE is typically higher as early projects establish technical, reg-ulatory, legal, and financial capabilities while laying the groundwork forlocal supply chains. As markets develop and gain experience, costs tend todecline dramatically. This evolution often reaches a tipping point as marketconfidence grows, full competition emerges, and access to lower-cost financ-ing improves due to reduced real and perceived risks. This tipping point isusually after the first 2-3 GW. APAC governments are actively responding to market dynamics that arereflected in local policies and regulations to mitigate risks for investors. Exam-ples of this proactive approach are already visible in South Korea with thepassing of the ‘One Stop Shop Bill’, a package of 20 trillion yen as part ofJapan’s Climate Transition Bond Framework, the Philippines running their firstoffshore wind auctions by the end of 2025, and Vietnam progressing theiroffshore wind ambitions through its PDP8 Implementation Plan. These mar-kets are expected to follow the cost reduction trajectories of mature markets,driven by increasing installed capacity, economies of scale, supply chainimprovements, and already evident robust regulatory support. In summary, while the offshore wind sector remains capital-intensive and sen-sitive to macroeconomic fluctuations, the combination of markets maturation,declining costs, and proactive policymaking positions the industry in APACfor sustained growth and resilience. Introduction1. As the Asia-Pacific (APAC) region ramps up its shift towards renewable en-ergy, countries are committing to carbon neutrality by 2050 and aimingto triple renewables by 2030. Offshore wind energy is becoming a keycomponent of this transition, helping the region move closer to the 1.5°Cpathway. While APAC represents the new wave of offshore wind markets,the global offshore wind industry in 2023 saw remarkable growth, connect-ing 11 GW of new capacity to the grid, representing a 24% increase fromthe previous year and bringing the worldwide total of offshore wind capacityto 75GW. Despite this success, the sector has faced significant economicchallenges due to the macroeconomic environment over recent years. 2024has seen a declining inflation and interest rate environment, although infla-tion and costs of lending remain elevated compared to pre-2022. This report explores the drivers of offshore wind costs, exploring the impactof economic and re