Our work enabled China Three Gorges Corporation (CTG) to gain deep understanding of the CAPEX and OPEX of a European offshore wind farm. This understanding will play a key role in the development of a cost efficient offshore wind industry in China.
CTG wanted to understand how the CAPEX and OPEX cost for the European offshore wind industry developed.
Using our long and unrivalled track-record in estimating and forecasting offshore wind projects cost values, we produced a report for CTG.
Our report broke down a typical offshore wind farm’s CAPEX and OPEX into 12 elements. These elements were then each broken down further into four sub-elements. For example, the installation element was further broken down into array cable installation, foundation installation and turbine installation.
We detailed the factors that need to be considered in the CAPEX and OPEX estimation process at both a general and element-specific level. Our report also assessed the best methods for projecting future CAPEX and OPEX. This included demonstrating the impact of learning rate by volume, and innovation, supply chain, project size, turbine rating.
We also provided a model in Microsoft Excel format with data for the CAPEX and OPEX breakdown of a European wind farm.
Kate Freeman led our work on this project.
“As well a providing invaluable expert insight, BVGA demonstrated they understood our business and were able to deliver work that helps evolve and execute our offshore wind strategy” Chen Qimin Cost Engineering Centre of China Three Gorges Corporation