Export Opportunities in the Renewable Energy Sector

The remarkable growth in the renewable energy sector presents exciting export opportunities in every region of the globe. According to Jennifer Morris, CEO of the Nature Conservancy, “Around the world, renewable energy now accounts for almost 30% of all new electricity development.” Morris goes on to say in the same article (Nature Conservancy, Fall 2023), “In Europe, leaders struck a deal on the revised EU Renewable Energy Directive in 2023 that increased the region’s commitment to produce at least 42.5% renewable energy by 2030 … representing an enormous acceleration toward the clean energy transition.”

Artificial Intelligence plays a role in this growing sector, as Microsoft and Planet Labs, a data insights company, plan to measure and map all solar and wind installations on Earth using satellite imagery. The project could change the way renewable energy trends are tracked and measured over time. —Nature Conservancy, Fall 2023

American manufacturers of parts and components for solar, wind and geothermal, and the energy companies that provide consulting services should pay close attention to developments in the EU. It is a competitive environment; therefore, quality, price, delivery and service must be outstanding. Entering or expanding in the EU can be lucrative for exporters, and it also might require a physical presence such as a warehouse, sales office or even a manufacturing facility.

Intriguing possibilities exist in many other regions as well. An especially interesting project is the Kipeto Wind Energy Project in Kenya. It is the second-largest wind farm in the country. The project is of interest to the U.S. government. The U.S. Agency for International Development, known as USAID, has invested in the huge wind farm, via Power Africa, a USAID program, that connects U.S. and African cleantech energy companies, with a focus on sub-Saharan Africa.

Other countries are developing major renewable energy projects, creating thousands of jobs and potential opportunities for American companies to supply parts, components, finished products and technology. To illustrate, here are three key energy projects in the Asia-Pacific region:

• Ubol Ratana Dam Hydro-Floating Solar Project, Thailand: A Thai government project to develop 16 floating solar farms of more than 2.7GW by 2037.
• McIntyre Wind Precinct, Queensland, Australia: An onshore wind complex currently under construction. When completed it will be one of the world’s largest onshore wind farms.
• Australia-Asia PowerLink, Singapore and Australia: A project expected to be completed by 2027, it will transport electricity from Australia to Singapore via the world’s longest underwater power cable. The project will also feature the world’s largest solar plant and the world’s largest solar battery.

In addition, South Korea, Japan, Vietnam and Taiwan are developing large offshore wind farms.

Solar, wind and geothermal energy projects, both large and small, exist throughout the world. Many are currently under development and present potentially lucrative export opportunities. A large number of American companies in the renewable energy sector possess the quality and know-how to globally compete. For those who are ready, willing and able, the rewards will be there for the foreseeable future.