The decline in activity in China, as the country shifts this year away from government-set tariffs to auctions for new wind and solar capacity, reduced the global investment figure by 14% on the year to USD117.6 billion.
Another highlight of the period was multibillion-dollar projects in two relatively new markets. USD4.2 billion was invested in the 950 MW fourth stage of the giant Mohammed bin Rashid al-Maktoum solar park in Dubai in UAE and another USD5.7 billion in two offshore wind farms in Taiwan: Yunlin Yunneng with a capacity of 640 MW of wpd and Greater Changhua with a capacity of 900 MW of Ørsted. Offshore wind energy is expanding its geographic focus – from Europe‘s North Sea and the coast of China to new markets such as Taiwan, the East Coast of the United States, India and Vietnam.
Investment of the Big Three – China, the United States and Europe – showed a decline, but the United States fell by a modest 6% to USD23.6 billion, and Europe 4% to USD22.2 billion, far less than China’s 39% setback.
Japan attracted USD8.7 billion in investment, which is 3% more than in the first half of 2018, and India USD5.9 billion, up 10% as the state continued its vector towards the ambitious goal of 175 GW of renewable energy by 2022. In Brazil, investment amounted to USD1.4 billion, a 19% rise on the year.
In Europe, Spain occupied the first position with USD3.7 billion of investment, which is 235% more than last year, while the Netherlands showed a significant decline of 41% to USD2.2 billion. Germany demonstrated a 42% fall to USD2.1 billion, UK figures rose 35% to USD2.5 billion. In France, the slide was also strong, investment dropped 75% to USD567 million there. In Sweden, it grew 212% to USD2.5 billion, and in Ukraine – 60% to USD1.7 billion.
Overall global financing of solar and wind projects fell 24% to USD85.6 billion, largely due to the factor of China. Financing of small solar with a capacity of less than 1 MW increased 32% to USD23.7 billion.