In a report, Fitch Solutions noted that it sees potential for the emergence of offshore wind in Australia despite having no deployments after the government designated its first zone for offshore wind power developments last month.
“This move gives developers more clarity to explore offshore wind in the market, with the permit allowing them to progress through project planning and consultation stages,” it said.
However, Fitch said it will still hold forecasting Australia’s offshore wind market as any project construction have yet to start.
India, meanwhile, has been studying offshore wind since 2014 following the 100MW demonstration of a project in Gujarat which is still in the planning stage.
Fitch cited the plan of the Ministry of New and Renewable Energy to hold bids for two 1GW offshore wind projects in Gujarat and Tamil Nadu.
“This will mark a significant development in India’s offshore wind sector if launched and well-received, as India has yet to develop any offshore wind. We have yet to forecast any offshore wind for India as we remain apprehensive given its poor track record of commissioning power projects on time,” it said.
