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Offshore wind market set for rapid growth

Grant Thornton report on wind power released

The global offshore wind power market is expected to grow several times over by 2030, according to a new report by Isle of Man-based advisory firm Grant Thornton.

More than 100 offshore wind experts - including lawyers, funders and consultants -were surveyed to understand their views on the risks and future development of the market.

The report states offshore wind investment is expected to shift away from Europe over the next five years, with more focus on China and the Americas.

One in five respondents identified government support as one of the principal reasons for investing in offshore wind projects.

In 2015, Orsted, formerly DONG energy, reached an agreement with the Isle of Man Government to explore the feasibility of constructing a renewable energy plant.

The firm has since built the world's largest offshore wind farm off Cumbria.

An area stretching to 12 nautical miles (22km) around the Isle of Man is controlled by the Manx government, which has responsibility for marine planning.

The report, Navigating the Winds of Change, is available to read here.

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