Europe’s €10 billion savings opportunity to deliver onshore wind and solar

| McKinsey Direct

The total EU capital expenditure for the energy transition could reach €1.7 trillion by 2030, with around 45 percent going towards onshore wind and solar photovoltaic (PV) capacity. Accordingly, between 2023 and 2030, annually installed onshore wind capacity would need to more than double over the levels achieved between 2018— and 2020—and solar PV capacity would need to more than triple.

Companies involved in capital projects for these renewables would likewise need to double or triple their project pipeline in a very short time—and do so efficiently. Can the construction industry manage this unprecedented growth? Today, Europe’s renewables construction sector is facing serious challenges. These must be overcome if the region is to meet its energy transition targets.

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