Political Headwinds, but Stable Fundamentals
Despite restrictive U.S. policies under President Donald Trump, who temporarily halted offshore wind projects and suspended the allocation of new seabed areas, global momentum in wind energy remains strong. Worldwide new installations of wind turbines are expected to rise to over 140 GW in 2025—a roughly 15% increase compared to the previous year. By 2030, global capacity could reach 190 GW, supported by subsidy programs in Europe, China, and Latin America.
“In the short term, political interventions are a disruptive factor, but they do not signal a trend reversal. Decarbonization is a global megatrend that cannot be stopped—even by individual national decisions.” — Hubertus Clausius, Managing Director & Fund Advisor, Seahawk Investments
Falling Costs Boost Wind Power Competitiveness
Economic fundamentals clearly favor continued expansion. The levelized cost of electricity (LCOE) for new onshore wind farms—around USD 61/MWh—is now on par with modern solar installations and well below fossil fuel alternatives. Offshore wind remains more expensive at about USD 173/MWh, but scale effects and technological progress are expected to narrow that gap. In parallel, European steel prices have fallen by over 55% since their 2022 peak—providing a direct tailwind for manufacturers’ margins.
Market Recovery Among Manufacturers – Vestas Leads the Industry
Wind turbine manufacturers are showing clear signs of recovery in 2025. Outside China, order intake in the third quarter rose 77% compared to the previous quarter; Vestas led the field with about 4 GW of new orders (up from 2 GW in Q2). Nordex and Goldwind also reported increases, while sector valuations remain moderate: the median company trades at an EV/EBITDA of 9.6×, well below the five-year market average.
“From a valuation perspective, the wind sector is currently one of the most attractive segments within the energy market. Many stocks still trade below fair value, even though they are structurally positioned for growth.” — Hubertus Clausius, Managing Director & Fund Advisor, Seahawk Investments
Artificial Intelligence as an Additional Growth Driver
The rapidly increasing electricity demand from data centers is making renewable energy sourcing a strategic priority. Wind power—particularly onshore—has emerged as a key option to reduce the carbon footprint of digital infrastructure while enabling long-term power purchase agreements (PPAs).
Conclusion: Tailwinds for Long-Term Investors
2025 marks a transitional year for renewables. Short-term challenges from politics and financing are counterbalanced by enduring structural drivers such as decarbonization and digitalization. For selective investors, attractive entry opportunities are emerging along the entire value chain—from turbine manufacturers and component suppliers to offshore service providers.
“We focus on quality leaders with resilient order books and clear cost advantages—where the risk-reward profile is currently the most compelling.” — Hubertus Clausius, Managing Director & Fund Advisor, Seahawk Investments
Our complete Quarterly Note can be found at the following link: Quarterly Note 3
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This information is protected by copyright; no reproduction or commercial use is permitted. Date: October 31st, 2025.
Author/Issuer: Hubertus Clausius, Seahawk Investments GmbH, Bettinastrasse 62, 60325 Frankfurt am Main, Germany. Investment advice according to section 2 para. 2 no. 4 German Wertpapierinstitutsgesetz (WpIG).
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