Green Synergies: European Presence and Italian Perspectives in the Taiwanese Offshore Wind Sector

In recent years, the Taiwanese energy sector has experienced dramatic shifts in policy. Facing the decommissioning of its nuclear power plants as well as an exceedingly high reliance on fossil fuels and energy imports, the nation has elected to focus on deploying a large amount of renewable energy to offset predicted energy growth, reduce vulnerability to external shocks and decrease harmful CO2 emissions. Blessed with rich wind resources but suffering from limited available land, as well as lacking relevant wind energy construction know-how, the country has introduced favorable policies to attract FDI in its offshore wind power sector, sparking the interest of numerous international developers, including several world-leading European firms. This caused Taiwan to rise among the top offshore developing countries in Asia. However, uncertainties around local rules and increasing competition from local players have the potential to change the landscape for foreign investors. Italian players are largely absent from this market, mainly due to a general underdevelopment of the national offshore wind sector. However, Italy is home to several national champions and emerging firms that have significant offshore wind presence or potential. This work identifies five such firms, namely Renexia, Eni, Prysmian, Leonardo and Fincantieri, and assesses their business outlook in Taiwan’s offshore wind sector in light of the current competitive environment and regulatory landscape. In general, these firms have the potential to make inroads in the market and should consider expanding in it. However, this is highly dependent on the future rate of development for the Italian offshore wind industry and the geopolitical situation of the region.