Investments in wind power across Europe jumped 9% to a total of €51.2 billion in 2017 according to the Financing and investment trends report from WindEurope.
It should be noted that this figure is not just for the building of new wind farms—it also covers, project and company acquisitions, refinancing operations, and raising capital from public markets. At first sight, the €22.3 billion investment in new wind farms in 2017 may look disappointing when compared to the €28 billion spent in 2016. Despite this, more new capacity was installed in 2017 (11.5 GW) than in 2016 (10.3 GW).
This demonstrates how both onshore and offshore windfarms are offering increasingly better value. Pierre Tardieu, policy officer at WindEurope, explained this by saying:
“This is largely due to increased competition in auctions and technology advances that are driving cost reductions in the supply chain.”
According to Mobil, the producer of lubricants for Mobil UK stockists, the success of wind turbine operators means achieving the maximum possible productivity from turbines. Its Mobil SHC Gear 320 WT gear oil for wind turbines claims a 40% longer drain life when compared to a standard synthetic oil and comes with a seven-year limited warranty.
This all leads to better value for consumers, as has been evident in recent government auctions across Europe. For example, in the UK government’s second round of reverse auctions, the winning offshore projects came in more than 50% cheaper than those in the previous round.