Twice a year, EY release its attractiveness index for global energy markets marking them on policy, pipeline and investment climate. In its report, it also breaks down each country's investment appeal by renewable energy technology.
Meanwhile, a 25GW pipeline of licenced wind farms in US waters means the country is the world’s most attractive offshore wind market, ahead of the UK, China, France and Germany, for investments according to EY.
It is also the joint most attractive market for onshore wind, alongside world leader China.
The US and China are followed by Finland, France and the UK in EY’s league table for onshore wind.
Elsewhere, recently announced tenders and boosted renewable energy targets have made some countries more attractive investment propositions, while project delays and political and regulatory uncertainty elsewhere have seen other markets fall down the league table.
Unveiling the latest Recai, EY's corporate finance leader for global power and utilities Ben Warren said an "emerging offshore wind sector in a number of markets" was the "most prominent" factor in the ranking.
The French government has boosted its ambition for offshore wind through its multiannual energy plan and now intends to award 1GW annually until 2028, up from 750MW.
However, investors should be wary, as offshore wind projects have faced significant delays in France, EY noted.
For example, EDF Renewables, Enbridge and Wpd’s 450MW Courseulles-sur-Mer and 498MW Fecamp wind farms only received final authorisation in July 2019 — seven years after first being awarded.
Accordingly, the advisors moved France down one space in their rankings to fourth overall. France is also ranked fourth for both onshore and offshore wind.
The market outlook for clean energy in Mexico has become more uncertain due to the country’s cancelled renewables auction in February 2019 and the head of the national energy regulator’s resignation over government corruption claims, EY stated.
It bumped Mexico five spaces down the overall rankings to 24th. Mexico is now 27th for onshore wind and 28th for offshore wind.
The advisors pushed Denmark three spaces up to ninth in its index. It is also placed 12th for onshore wind and sixth for offshore wind.
Plans for an additional 12GW of renewable energy capacity by 2030 — including 8.2GW of onshore wind — have made Ireland a more attractive investment destination, according to EY.
The advisors now rate Ireland 18th, up five spaces from May. Ireland is ranked 21st for onshore wind and 15th for offshore wind.
Momentum is gathering behind offshore wind in South Korea, EY noted, with several developers aiming to build floating projects.
The government is also targetting 13GW of installed offshore wind by 2030.
EY ranked South Korea as the world’s 20th most attractive market for renewables, four spaces higher than six months ago. It is 40th for onshore wind but 13th for offshore wind.
The advisors boosted Vietnam up three places to 23rd. Vietnam is now 29th for onshore wind and 10th for offshore wind.
Approval of Poland’s revised Renewable Energy Sources Act earlier this year paved the way for a 2.5GW onshore wind auction and strengthened rules governing the purchase of clean electricity.
This has made Poland a more attractive market, according to EY, which pushed it up seven places to 34th. Poland is ranked 30th for onshore wind and 21st for offshore wind.