There was also a big increase in funding for projects in Mexico, Australia and Sweden, while the new renewables markets of Egypt and Argentina notched up record quarterly investment. The quarter saw investments rebound in the US and China. At USD 26.2 billion, wind investment was 29% lower than a year ago, although it was up 43% compared to the previous quarter. Solar investment totalled USD 35.6 billion, up 19% year-on-year and 20% quarter-on-quarter. Solar as a whole was "the star sector" in the quarter, BNEF said. Investment in the April-June period was boosted by the financing of two large solar parks in the United Arab Emirates (UAE) - the 800-MW Sheikh Mohammed Bin Rashid Al-Maktoum III plant in Dubai and the 1.2-GW Marubeni JinkoSolar and Adwea Sweihan project in Abu Dhabi, which together added USD 1.9 billion to the tally. Louw added that there was a good geographical spread of big projects financed and less reliance on European offshore wind than in some recent quarters. "The $64.8 billion investment total in 2Q was quite firm given that backdrop of falling costs," said Abraham Louw, analyst, clean energy economics at BNEF. Global capital costs for photovoltaic (PV) have fallen 15% and for onshore wind 14% in the last 12 months, BNEF estimates. Investment was down 12% in year-on-year terms, but costs have also declined. July 11 (Renewables Now) - Global clean energy investment in the second quarter (Q2) of 2017 rose 21% quarter-on-quarter to USD 64.8 billion (EUR 56.9bn), recovering to its highest level since Q2 2016, driven by spending on solar, according to figures from Bloomberg New Energy Finance (BNEF).
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