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Offshore investment 'up' 40%

Sector bucks overall downward trend in clean energy finance

Offshore investment 'up' 40% image

Investment in offshore wind was up 40% in 2016 to $29.9bn, as developers took advantage of improved economics resulting from bigger turbines and construction knowhow, new research shows.

However, overall investment in clean energy fell 18% last year to $287.5bn, according to Bloomberg New Energy Finance (BNEF).

BNEF chief executive Jon Moore said: “The offshore wind record last year shows that this technology has made huge strides in terms of cost-effectiveness, and in proving its reliability and performance.

“Europe saw $25.8bn of offshore wind investment, but there was also $4.1bn in China, and new markets are set to open up in North America and Taiwan.”

Despite the fall in overall investment, total clean energy capacity installed was up at 70GW from 56.5MW last year, BNEF said.

Regionally, clean energy investment in the US slipped 7% to $58.6bn, as developers took time to progress wind and solar projects eligible for the tax credits that were extended by Congress in December 2015.

Investment in Asia-Pacific – including India and China – fell 26% to $135bn.

Europe was up 3% at $70.9bn, helped by offshore wind and also by the biggest onshore wind project ever financed – the 1GW, $1.3bn Fosen complex in Norway – BNEF said.

Image: reNEWS

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