World To Tender More Than 100GW Of Renewable In 2024

Governments around the world are expected to tender at least 102 GW of renewable energy capacity in 2024 after auctioning 137 GW in 2023, according to Wood Mackenzie’s latest analysis. The research firm says in its report that more than 60 GW of offshore wind will be tendered this year and that, as the year progresses, the overall volume could even match 2023 levels.

Expected Tenders

Senior research analyst Ana Fernandez Garcia, who is the lead author of the report, says that the Europe, Middle East and Africa (EMEA) region will hold over 50% of the expected tenders, mostly for offshore wind. Individually, she pointed at Germany and China, which have already announced tenders for 25 GW of renewables and 17 GW of offshore wind respectively.

The 137 GW auctioned in 2023 represents a 10% year-on-year rise “despite sector cost headwinds, logistics tensions and the energy crisis.” This includes 61 GW of solar photovoltaics (PV), 34 GW of onshore wind and 31 GW of offshore wind. Together, those three technologies accounted for almost 91% of the total, while the remainder was awarded to hydro, biofuel, geothermal, solar thermal and tidal technologies. From a geographical point of view, the Asia Pacific region got 67% of the contracts for a total of 90 GW. It was followed by EMEA with 37 GW and the Americas with nearly 10 GW.

Boosting Development In Emerging Markets

“Onshore wind capacity awarded in tenders rebounded in 2023, but it was overshadowed by a drop in solar PV. The higher share of wind was caused by increased competitiveness and policymakers’ interest in boosting its deployment as a key industry for job creation and economic development. A great example of this is the EU’s Wind Action Plan,” said Fernandez Garcia.

The analyst believes that tenders will continue to be the primary route in emerging markets to boost development. “Wood Mackenzie expects the following trends to evolve this year: an increase in ceiling prices and non-price criteria playing a prominent role,” she concluded.

For a more detailed discussion about onsite renewable generation and how it can reduce your carbon footprint please contact