Companies worldwide are developing technology to harness the power of wind. The renewables industry is growing rapidly, and companies and countries alike are including wind energy in their sustainability plans and goals. 2023 was the biggest year yet for wind, breaking a record for most wind installations. According to the Global Wind Energy Council, this led to a 50% increase in generated wind power.
As industries continue to understand the value of wind energy, there is still work to be done. Ambitious goals are being set, and many regions are investing significantly to lead the charge. Ireland, for example, has one of the largest marine areas in the European Union – more than seven times its landmass – allowing it to support significant offshore wind installations. Ireland has 300 wind farms generating nearly 4.8 GW of clean energy, placing the country third in the world for installed wind power capacity per capita. This past December alone, 55% of Ireland’s electricity came from wind energy. Countries like China and the U.S. are also making significant investments in both on and offshore wind power capacity.
Still, much must be done to support the clean energy transition. Green tech companies with significant research and development initiatives are working around the world to create solutions that lower costs and increase wind capacity. The business opportunity is significant, and as these companies scale, understanding the global green energy landscape will be key to selecting additional locations that come with financial incentives and green policies that support long-term goals.
For companies considering global expansion to support wind energy transitions, here’s what you need to know:
Every country has different priorities when it comes to renewable energy. When evaluating different locations for expansion, green tech companies should look for destinations with governments that are prioritizing and incentivizing green technology development. For example, Ireland has published an official strategy for offshore wind to ensure Irish companies and their technologies play a central role in the country’s green tech projects. The plan also includes tax credits and incentives for the research and development programs contributing to decarbonization. The investment plan is structured around four core pillars: The supply chain, the RD&I ecosystem, regional development, and forward-looking development and end-use. In total, it includes 40 actions that will be implemented in 2024 and 2025 to support a resilient offshore wind industry and ensure Irish companies play a major role. Programs and incentives like these demonstrate a commitment to creating a green tech ecosystem that benefits everyone. Collaborative ecosystems don’t just appear; they rely on incentives and programs that allow businesses to work together towards a common goal. For green tech companies, finding locations with policies that support and advance decarbonization initiatives will be key.
Infrastructure is a critical component to the green energy transition. Significant infrastructure advancements will be necessary for many regions to support wind capacity growth. Green tech companies need to evaluate locations based not only on their existing infrastructure and grid capacity, but future planned investment. Electricity interconnections allow electricity trading between parties and will shape the future of green tech hot spots.
The EU is making significant wind infrastructure investments. In 2023, Irish and UK officials announced a Memorandum of Understanding (MoU) to increase renewable energy development and electricity interconnection. The MoU will increase opportunities for electrical interconnection between the countries to support decarbonization priorities. Plans are being proposed for links between Ireland and Great Britain, France, Spain, Belgium, the Netherlands, and Scotland. The newest Interconnector, the Celtic Interconnector, which will run between Cork and France, will be operational in 2027.
As the green technology space evolves to support corporate and national decarbonization goals, hot spots of wind research and development activity are popping up around the world. Companies that invest and grow their business in regions rich in industry peers can join an evolving ecosystem of green tech companies that are working towards the same exciting and ambitious goal.
Access to green, renewable energy is one of the most strategic actions companies can make, enabling access and delivering long term, real competitive opportunity. As green tech companies consider international investment to capitalize on the growing demand, they must evaluate locations for immediate and long-term support. Countries like Ireland that are offering the most attractive incentives for green technology companies will undoubtedly publicize these benefits, making it imperative for companies to conduct thorough research. Like many countries, Ireland has an entire government agency with teams of experts dedicated to collaborating with global companies to determine how the country could support a varying business need. Working with local government agencies like these and doing due diligence will ensure green tech companies find locations and communities that align with their long-term business goals.
Brian Conroy is the Executive Vice President and Director of North America for IDA Ireland. With extensive experience in foreign direct investment and international business development, he promotes and facilitates business growth and investment into Ireland. Based in New York, Brian oversees IDA Ireland's initiatives across North America, managing offices in key economic hubs such as New York, Boston, Chicago, Atlanta, Austin, Irvine, and Mountain View. His strategic vision and collaborative approach have been crucial in establishing relationships with leading corporations and fostering economic ties.
