🌊 Big Price Drop in China-Made Offshore Wind Turbines Sparks Hope for Aussie Projects
Jul 30
2 min read
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Australia's offshore wind dreams might finally get the wind beneath their wings — thanks to a massive cost plunge in Chinese-manufactured wind turbines. According to Rystad Energy, prices have dropped by 50% in just four years, opening the door for cost-effective renewable projects down under.
💸 Offshore Wind in Australia Still Costs a Pretty Penny
Offshore wind projects in Australia are almost twice as expensive as onshore wind. The CSIRO GenCost 2024 report puts fixed-bottom offshore wind installation costs at a steep $4,600/kW — a figure that has developers on edge.
While costs have fallen slightly from the 2022 energy crisis highs, they’re still too high for many projects to proceed, especially with “local content” rules expected to be enforced under upcoming auctions.
🏭 Chinese Turbines: A Game-Changer?
Speaking at the Australian Clean Energy Summit, Rystad Energy’s Gero Farruggio delivered a timely reality check:
“The cost of Chinese offshore wind turbines has dropped by 50% in four years. That’s a real opportunity for Australia to scale more economically.”
This could be a lifeline for developers in the Asia Pacific — giving them a cost-effective alternative to pricier Western-made turbines.
🚢 Victoria Leads the Offshore Wind Charge
Victoria is setting the pace with Australia’s first-ever offshore wind auction, kicking off in September 2025. The state is gunning for:
🎯 2 GW of offshore capacity by 2032
🎯 4 GW by 2035
🎯 9 GW by 2040
To help meet those goals, 12 feasibility licences have already been granted in the Gippsland zone — and one in the Southern Ocean zone.
❌ BlueFloat Energy Pulls the Plug
But it’s not all smooth sailing. Spanish developer BlueFloat Energy has withdrawn from its 2.5 GW Gippsland Dawn project, citing poor economic feasibility and a shift in funding priorities by its investor, Quantum Capital Group.
“Continuing to fund offshore wind developments is no longer commercially viable in the short and medium term,” the company said, exiting the Australian market entirely.
This highlights the urgent need for cost savings and government support to make large-scale offshore wind projects viable in Australia.
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