Floating offshore wind energy is poised to grow commercially across the globe after it expanded “significantly” over the past six months, Fitch Solutions reported.

Data from its Infrastructure Key Projects showed that floating offshore wind accounted for 16% of the total offshore wind pipeline with more than 300 gigawatts (GW) of projects in varying stages of development.

At present, only one project is in the construction phase, whilst two others are in pre-construction.

Amongst these include the 88MW Hywind wind farm in Norway, and 8MW Siemens Gamesa Renewable Energy wind turbines project, and the 800MW Firefly floating offshore wind project in South Korea.

Norwegian oil and gas firm Equinox, which is behind the Hywind farm, also signed a memorandum of understanding with Korea East-West power for the development of 3GW offshore wind projects in South Korea.

“This new global spread of projects is drawing in a new class of bespoke floating wind development firmss looking to establish themselves and gain a first-mover advantage,” the report also read.

“These companies are often partnered with established energy firms active in the offshore space.”