Brazil alone has 225.8 gigawatts (GW) of proposed projects, the largest pipeline outside Europe and Asia, but not a single turbine operates in its waters, according to the report. Colombia, in the meantime, is betting on floating wind technology to tap deeper Caribbean waters, but the lack of a legal framework for offshore wind risks deterring investors, the report said.
Brazil’s offshore wind potential, estimated at 700 GW, has already drawn global developers like Shell, TotalEnergies, and Ocean Winds. State-controlled Petrobras, better known for its oil rigs, has proposed 23 GW of projects, including two pilot farms set to begin operations by 2029. However, regulatory uncertainty is stalling progress.
A long-awaited offshore wind law, enacted in January 2025, allows auctions to start this year, but Brazil’s Congress has yet to resolve vetoes on contentious clauses, including revenue allocation and coal plant extensions. The government now expects the first auction in 2026, two years behind schedule.
“Brazil’s regulatory delays are creating a problem where we have a lot of interest from investors, but no real work is taking place yet” said Beatriz Corcino, the report’s lead author and EIC analyst.
Data from Brazil’s environmental agency IBAMA shows 20.7 percent of proposed offshore wind areas overlap, with conflicts peaking in Piauí (60 percent) and Rio Grande do Norte (45 percent). Developers like Petrobras and Ocean Winds are vying for the same coastal zones, which lack a formal site allocation process. Under the new law, overlapping projects may be merged, relocated, or scrapped.
Colombia, with 50 GW of technical offshore potential, is moving to launch its first projects by 2030. Its Caribbean coast offers wind speeds of up to 10 metres per second, which is comparable to the North Sea. However, depths exceeding 200 meters require floating turbines.
The government’s 2023 auction, managed by the National Hydrocarbons Agency (ANH), has attracted nine bidders, including Ecopetrol, BlueFloat Energy, and China’s PowerChina. The tender aims to award at least 1 GW of capacity by December 2025. However, developers face hurdles: Colombia lacks laws specific to offshore wind. It relies, instead, on oil and gas permitting regulations.
“Colombia’s auction is a litmus test for floating wind in emerging markets” added Neil Golding, EIC Director of Market Intelligence. “But without a dedicated legal framework, investors may treat it as a high-risk, experimental play.”
Of the 5.84 GW proposed in Colombia, 75 percent are floating projects. Spanish developer BlueFloat Energy dominates the pipeline with 5 GW planned off La Guajira, a region plagued by grid constraints. Colombia’s energy ministry admits transmission upgrades are “critical” but has yet to commit funding.
Brazil’s offshore oil industry gives it a head start in ports and subsea expertise, but the collapse of local turbine manufacturing threatens to inflate costs, the report warned. GE Vernova and Siemens Gamesa shut Brazilian factories in 2022–2024, citing weak domestic demand. Vestas and China’s Goldwind now operate the country’s only major turbine plants, but their output is too small for offshore models.
According to EIC data, 57 percent of Brazil's proposed projects assume the use of 15 MW turbines, which are larger than any currently produced in South America. Most components would need to be imported from Europe, where suppliers like the UK's JDR Cable Systems and Germany's Siemens Energy already dominate Brazil's existing offshore oil supply chain.
“Brazil has the ports and oil-sector synergies to become a regional hub, but it can't compete with Asia on turbine costs” said Kevin Pedrosa, EIC supply chain analyst and report co-author. “Without local content rules, developers will default to imports.”
Chile, Uruguay, and Peru have technical potential but lag in project development. Chile's 960 MW Viento Azul floating wind proposal, led by UK-based 17 Energy, awaits permits. Uruguay mapped 275 GW of offshore capacity in 2024 but has no active proposals. Peru, with 662 GW of potential, remains untapped.
“South America's offshore wind success hinges on three factors” said Rebecca Groundwater, EIC's Head of External Affairs. "First, policy clarity where Brazil needs to resolve auction rules and Colombia needs tailored legislation. Second, grid upgrades which need urgent investment in both Brazil and Colombia. Third, supply chain investment is needed to attract turbine and cable manufacturers that could reduce reliance on imports."
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