Offshore Wind Opportunities for Business Owners of Color
The offshore wind industry is booming. As business owners of color, we are uniquely positioned to take advantage of the opportunities that this growing industry presents. With a few key strategies, we can position our companies for success in this renewable energy market.
Did you know that experts expect this industry to grow exponentially in the next decade? According to a report by consultancy Wood Mackenzie, installed capacity should increase tenfold from 34 gigawatts (GW) in 2020 to 330 GW across 24 countries. One GW of power is enough to power about 750,000 homes.
The United States intends to deploy 30 GW of offshore wind nationwide by 2030 — enough energy to power 10 million homes. Imagine the enormous global impact of 330 GW of clean energy.
In the next decade, $1 trillion of investments from governments and public-private partnership agreements may go into the offshore wind industry. This growth presents significant and unique opportunities for business owners of color — historically underserved or excluded from the traditional energy-sector supplier pipelines.
Read on for a few tips to position our companies and communities for engagement and growth.
Strategies to secure offshore wind business
- Develop relationships with key stakeholders in the industry. These include project developers, utility companies, and government agencies. Strong relationships will give us a better understanding of the needs of this energy sector. They also help identify business opportunities.
Bear in mind that these key players, as part of clean energy goals, are incentivized to purchase offshore wind through power purchase agreements (PPAs). Understanding their business modules and operations firmly positions us in the value chain of opportunities.
- Build a strong team of experts who can provide our companies with the necessary skills and knowledge to succeed. This team should include individuals with experience in project development, engineering, construction, finance, and of course, marketing, and communication.
- Secure adequate financing to fund participation in the offshore wind market. This financing can come from a variety of sources, including private equity firms, banks, CDFIs, and government incentives.
By following these simple strategies, we can position our companies for success in the rapidly growing offshore wind market. Commit yourself to creating opportunities for business owners of color. Together we can ensure that this burgeoning industry benefits all members of our community.
Will you join me?
Your Marketing Momma,
Cheryl McCants ~ Impact Founder and CEO