Singapore steps up plan to participate in global offshore wind market

Enterprise Singapore (EnterpriseSG), the Association of Singapore Marine & Offshore Energy Industries (ASMI) and the Global Wind Energy Council (GWEC) signed an agreement on 25 September to expand Singapore’s links with the global offshore wind sector and foster more project and innovation opportunities between Singapore and international players.

The agreement is part of Singapore’s commitment earlier this year to invest and explore growth opportunities in the global offshore wind sector, which is expected to expand at a compound annual growth rate of more than 20% until 2030 and be worth US$126Bn per annum by 2030.

The memorandum of understanding signed by EnterpriseSG, ASMI and GWEC will see them collaborate on joint initiatives, drive innovation and technological development and support the offshore wind supply chain. 

These initiatives include policy development, including policy dialogues and joint publications to address regulatory challenges, facilitate project structuring and financing, explore regional collaboration and adoption of best practices.

Also covered by the MOU are network building and knowledge exchange, using events for matchmaking and knowledge transfer among industry stakeholders to catalyse market access for Singapore companies wishing to test and develop new offshore wind solutions. These events will allow Singapore companies to understand global market trends and needs quicker, as well as partner with international stakeholders to codevelop new solutions more effectively.

A focus on capability-building will include capacity-building programmes, workshops and training sessions to enhance the capabilities of Singaporean companies and enhance the talent pipeline in the offshore wind sector.

The various activities covered by the agreement will be rolled out over the next two years and are expected to benefit about 100 Singapore enterprises and 150 GWEC members in the offshore wind sector. 

EnterpriseSG assistant managing director Johnny Teo said, “Enterprise Singapore is committed to enabling Singaporean companies to tap into green growth opportunities like offshore wind, to grow our economy and create jobs. 

“The MOU with ASMI and GWEC will seek to accelerate that effort, taking advantage of Singapore’s growing offshore wind ecosystem, and leverage our joint capabilities, networks and resources to boost international collaboration and technology development.”

ASMI executive director Wilson Ang said, “This MOU marks a significant milestone for Singapore’s marine and offshore energy sector, as we further strengthen our position in the global offshore wind market in partnership with Enterprise Singapore. 

“By collaborating with key international partners like GWEC, we aim to drive innovation and open new avenues for Singaporean companies to participate in the offshore wind industry.”