Global clean energy investment dropped 8 percent to $332 billion in 2018, according to the latest research report from BloombergNEF. Wind investment grew 3 percent to $128.6 billion, with offshore wind having its second-highest year. Spending on smart meter rollouts and electric vehicle company financing also increased. Solar investment dropped 24 percent to $130.8 billion – mainly due to sharp drop in capital costs. Chinese solar investment fell 53 percent to $40.4 billion in 2018. BNEF’s global benchmark for the cost of installing a megawatt of photovoltaic capacity fell 12 percent in 2018 as manufacturers slashed selling prices in the face of a glut of PV modules on the world market. Global PV installations increased from 99GW in 2017 to approximately 109GW in 2018. Jenny Chase, head of solar analysis at BNEF, said: “2018 was a difficult year for many solar manufacturers, and for developers in China.” Clean energy investment in main countries China $100.1 billion –32 percent US $64.2 billion +12 percent Europe $74.5 billion +27 percent Japan $27.2 billion –16 percent India $11.1 billion –21 percent Germany $10.5 billion –32 percent UK $10.4 billion +1 percent Australia $9.5 billion +6 percent Spain $7.8 billion +7-fold Netherlands $5.6 billion +60 percent Sweden $5.5 billion +37 percent France $5.3 billion +7 percent South Korea $5 billion +74 percent South Africa $4.2 billion +40-fold Mexico $3.8 billion –38 percent Vietnam $3.3 billion +18-fold Denmark $3.2 billion +5-fold Belgium $2.9 billion +4-fold Italy $2.8 billion +11 percent Morocco $2.8 billion +13-fold Taiwan $2.4 billion +134 percent Ukraine $2.4 billion +15-fold Canada $2.2 billion –34 percent Turkey $2.2 billion –5 percent Norway $2 billion no change The biggest solar projects financed included 800MW NOORm Midelt PV and solar thermal portfolio in Morocco, at an estimated $2.4 billion, and the 709MW NLC Tangedco PV plant in India, at a cost of about $500 million. India is one of the countries with the lowest capital costs per megawatt for photovoltaic plants. Offshore wind attracted $25.7 billion (+14 percent) clean energy investment last year. Some of the projects financed were in Europe, led by the 950MW Moray Firth East array in the North Sea, at an estimated $3.3 billion, but there were also 13 Chinese offshore wind farms starting construction, for a total of some $11.4 billion. David Hostert, head of wind analysis at BNEF, said: “China is taking over as the biggest market and new locations such as Taiwan and the U.S. East Coast are seeing strong interest from developers.” Onshore wind saw $100.8 billion of new asset finance globally last year, up 2 percent, with the biggest projects reaching go-ahead including the 706MW Enel Green Power South Africa portfolio, at an estimated $1.4 billion, and the Xcel Rush Creek installation in the U.S., at $1 billion for 600MW. Other renewable energy sectors Investment in biomass and waste-to-energy rose 18 percent to $6.3 billion. Investment in biofuels grew 47 percent to $3 billion. Investment in Geothermal rose 10 percent to $1.8 billion. Investment in small hydro fell 50 percent to $1.7 billion. Investment in marine rose 16 percent to $180 million. Investment in utility-scale renewable energy projects and small-scale solar systems worldwide fell 13 percent to $256.5 billion, though the gigawatt capacity added increased. Corporate research and development spending for renewable energy projects slipped 6 percent to $20.9 billion. Government R&D for renewable energy projects rose 4 percent to $15 billion. Public markets investment in specialist clean energy companies rose 20 percent to $10.5 billion, with the biggest initial public offerings including $1.2 billion for Chinese electric vehicle company NIO, $852 million for Chinese electric car battery maker Contemporary Amperex Technology, and $808 million for French solar developer Neoen. Global venture capital and private equity investment jumped 127 percent to $9.2 billion, the highest since 2010. The biggest deals were $1.1 billion of expansion capital for U.S. smart window maker View, and $795 million for Chinese electric vehicle firm Youxia Motors. In fact, there were no fewer than eight VC/PE financings of Chinese EV specialist companies in 2018, totaling some $3.3 billion.
Global investment in renewable energy fell 8% to $332bn in 2018, as offshore wind had its second-best year, while solar slipped 24% to $131bn, due to a 12% drop in installation costs, according to a report by Bloomberg New Energy Finance (BNEF). The report, which looked at the impact of policies and market conditions on investments across all sectors, said that global clean tech spending was down 7% last year from 2016, with China leading the way for renewables BNEF added that the US east coast was also drawing developer's attention.