2021 – A record year for the UK renewable energy industry. Here’s to more in 2022!

Over 300 offshore wind turbines erected in UK waters in 2021 represented nearly 3.3GW of new capacity, beating the previous record of 2.1GW in 2019. Nearly 14GW of UK offshore capacity installed in less than 20 years is some achievement. To meet the next target of 40GW by the end of this decade will require maintaining this momentum and then some.

The latest UK CfD auction round – one of the largest global tenders for renewable power delivery – will be a key part of this drive, expected to support another 12GW of new capacity. Offshore wind continues to dominate, supported by £200 million of funding a year, with £24 million also allocated for floating offshore wind which is rapidly becoming a major part of the story. Solar and onshore wind are also included for the first time since 2015.

The fact that onshore wind and solar are back on the agenda in the UK reflects common sense after much industry lobbying. Although many developers around Europe are already proving the subsidy-free model and looking towards independent PPAs to support their projects.

2021 was also another year of growth for BRIDGE as we welcomed several new members to our team and relationship clients to our expanding portfolio of assets under management across Europe.

Hybrid working is something we have rapidly become accustomed to; operating flexibly and effectively, supporting our clients and our colleagues. A historically poor wind year surprised us all, creating additional pressures and management requirements on top of the challenges caused by coronavirus. Perhaps 2022 will be the mythical “P25” or even “P10” year?

As at the start of every year, we look forward with renewed excitement and optimism. There will always be challenges, however, the renewable energy industry proves year after year that it faces these head-on undeterred.

From all of us at BRIDGE we wish you a highly successful 2022!