London and New York, January 16, 2019: Global clean energy investment totaled $332.1 billion in 2018, which, though down 8% from 2017, still made last year the fifth in a row in which investment exceeded the $300 billion mark. Research company Bloomberg New Energy Finance released the new figures January 16 (all figures US$).
The biggest solar projects financed included the 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 was a major recipient of new clean energy investment last year, attracting $25.7 billion, up 14% on the previous 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.
Among the 25 countries with investment over US$2 billion in 2018, Canada was at $2.2 billion, down 34% from the previous year. China led the pack, followed by the United States.