Latin America doesn’t have any offshore wind today, but that could change soon as the region tries to build out a hydrogen industry.

Off-grid green hydrogen projects should spur Latin America to a sharp increase in offshore wind projects, with capacity reaching 34 GW by 2050, according to analysis from Wood Mackenzie.

Offshore wind activity will correspond to a 15.4% compound annual growth rate starting from 2032, when the first projects are expected to come online in Latin America, analysts said.

“We have seen significant regulatory movement in support of offshore wind developments, with Brazil and Colombia providing official roadmaps and guidelines for future activity,” said Kárys Prado, research analyst, Power & Renewables with Wood Mackenzie. “Both countries have...