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High-cost site leases make Siemens Gamesa both laugh and cry

The arrival of the fossil giants on the offshore wind scene is a positive thing, but their costly route to market will otherwise leave a mark, says Siemens Gamesa, which also states its aim of dominating the next generation of offshore wind turbines.

Photo: Siemens Gamesa

It's a well-known fact that an ocean view adds extra value to real estate prices. Although it's not only swanky residencies in big cities that have benefited from the vertically inclining prices of recent years: The same is true for another type of somewhat more outlying property featuring a full 360-degree panorama of the sea – and even though areas must first be developed with monopiles or other foundation types just to reach sea level.

As much was clear in late 2018 when three offshore wind leases for sites offshore of Massachusetts were auctioned for a reported price of USD 405m. In the meantime, this ostensible trend was further cemented in February this year when the British ocean floor landlord, Crown Estate, raked in GBP 879m from six site licenses with the potential to host an estimated 7.980 GW.

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