Singapore has stepped up participation in global offshore wind development with new partnership to catalyze project and innovation opportunities.

Enterprise Singapore (EnterpriseSG), the Association of Singapore Marine & Offshore Energy Industries (ASMI) and the Global Wind Energy Council (GWEC) said in a statement on Wednesday they have signed a memorandum of understanding (MOU) to expand Singapore’s network with the global offshore wind sector and foster more project and innovation opportunities between Singapore and international players in this space.

Under the MOU, EnterpriseSG, ASMI and GWEC will collaborate in joint initiatives to grow the global offshore wind ecosystem, drive further innovation and technological developments that support the offshore wind supply chain.

These initiatives include policy development, such as policy dialogues and joint publications to address regulatory challenges, facilitate project structuring and financing, explore regional collaboration and adoption of best practices.

They also include network building and knowledge exchange. According to the firms, events for commercial matchmaking and knowledge transfers among industry stakeholders aimed at catalyzing market access for Singapore companies to test and develop new innovative offshore wind solutions.

These events will allow Singapore companies to understand global market trends and needs quicker, as well as partner with international stakeholders to codevelop new solutions more effectively.

The initiatives also include capability-building programs, workshops, and training sessions to enhance the capabilities of offshore wind companies and enhance the talent pipeline in the offshore wind sector.

The activities will be rolled out over the next two years and are expected to benefit about 100 Singapore enterprises and 150 GWEC members in the offshore wind sector.

This effort is part of Singapore’s commitment earlier this year to invest and explore growth opportunities in the global offshore wind sector, which is expected to expand at a compound annual growth rate of more than 20 percent between 2022 to 2030 and worth $126 billion per annum by 2030.

“EnterpriseSG is committed to enable Singapore companies to tap on green growth opportunities like offshore wind, to grow our economy and create good jobs,

“The MOU with ASMI and GWEC will seek to accelerate that effort by taking advantage of Singapore’s growing offshore wind ecosystem, and leverage our joint capabilities, networks and resources to boost international collaboration and technology development for Singapore and global offshore wind players,” said Johnny Teo, Assistant Managing Director, EnterpriseSG.

Meanwhile, Stewart Mullin, Chief Industry Officer of GWEC, said offshore wind is poised for a decade of rapid growth and acceleration in the Asia-Pacific region, and the GWEC is delighted to sign this MOU with EnterpriseSG and ASMI to help ensure that the expansion of offshore wind delivers on its full potential for the region.

“Singapore is uniquely placed and plays a key role in the region’s ecosystem, and we look forward to fostering international collaborations between stakeholders from across the offshore wind sector,” he added.

Wilson Ang, Executive Director of ASMI, said this MOU marks a significant milestone for Singapore’s marine and offshore energy sector, as they further strengthen their position in the global offshore wind market in partnership with EnterpriseSG.

“By collaborating with key international partners like GWEC, we aim to drive innovation and open new avenues for Singaporean companies to participate in the offshore wind industry,

“This partnership underscores our commitment to not only contribute to the energy transition but also to grow our capabilities and talent pool, ensuring that Singapore plays a pivotal role in shaping the future of clean energy solutions,” he added.

EnterpriseSG is Singaporean government agency championing enterprise development.

The agency works with committed companies to build capabilities, innovate and internationalize.

It also supports the growth of Singapore as a hub for global trading and startups, and build trust in Singapore’s products and services through quality and standards.

GWEC is a member-based organization that represents the entire wind energy sector.

The members of GWEC represent over 1,500 companies, organizations and institutions in more than 80 countries, including manufacturers, developers, component suppliers, research institutes, national wind and renewables associations, electricity providers, finance and insurance companies.

ASMI is a non-profit trade organization formed to promote the interests and advancement of the marine and offshore engineering industry in Singapore.

The organization represents companies in the business of ship repair, ship conversion, ship building, rig building and offshore engineering.

Its membership comprises shipyards, manufacturers and suppliers of marine & offshore equipment and marine & offshore engineering companies.

Temasek sets aside $78M Concessional Capital for Climate Action