Global clean energy investment fell 10% year-on-year to US$61.1 billion in the first quarter

According to new data from Bloomberg New Energy Finance BNEF, clean energy investment fell 10% year-on-year to US$61.
1 billion in the first quarter of 2018, with emerging markets such as Indonesia, Mexico, Morocco and Vietnam performing well
.

BNEF's Q1 Clean Energy Investment Trends report, released this week, said the highlight of the quarter was the growing role of developing countries, with the huge Chinese market once again dominating global clean energy investment with $26 billion, or 43%
of the global total.
While impressive, investment is down 27%
from the first quarter of 2017.
Other less prominent countries also played a role in the first quarter, including emerging markets
such as Morocco, Vietnam, Indonesia, Mexico and others.

Overall, global clean energy investment was $61.
1 billion in the first quarter, down 10% from the first quarter of 2017 and the lowest level
since the third quarter of 2016.
But it's worth noting that Bloomberg doesn't necessarily think this points to a trend, and doesn't currently predict a decline
in annual investment numbers.

Abraham Louw, clean energy investment analyst at BNEF, said: "Global Q1 figures are the lowest since Q3 2016, but it's too early
to predict an annual decline in investment this year.
For example, we expect a significant number of offshore wind projects in the UK, Belgium, Dutch and Danish waters to be financed
in the coming months.
”

Most impressive is a $2.
4 billion investment in Morocco's 800 megawatt (MW) NOORm Midelt project, a portfolio of hybrid solar PV and solar thermal systems with storage
.
Other large-scale projects in the first quarter included a 709 MW NLC Tangedco solar PV project in India with an estimated value of $660 million and a 404 MW solar PV project jointly developed by ACCIONA and Tuto Puerto Libertad in Mexico with an estimated value of $493 million
.

However, despite these bright spots, solar investment overall fell 19% to $37.
4 billion in the first quarter, driven by weaker activity in some markets and lower
prices for solar PV systems.

"We expect the world to install more solar this year, up from last year's record of 98GW," said
Jenny Chase, head of solar at BNEF.
"Two of the main drivers are China's continued prosperity in utility-scale and smaller local PV systems, as well as financing for large-scale solar parks in other developing countries, as cost competitiveness continues to improve
.
"

Investment in wind power projects continued to grow, with investment up 10% in the first quarter to $18.
9 billion.

Investment in geothermal also increased by 39 percent to $1 billion, and investment in biofuels increased by 519 percent to $748 million
.
Conversely, biomass and waste-to-energy fell 29 percent to $679 million, small hydropower projects were less than 50 MW, and energy storage and electric vehicles also fell 29 percent
.

Geographically, China led with $26 billion, followed by the United States with $10.
7 billion, up 16%.

Investment in Europe fell 17 percent to $6 billion, while investment in India rose 9 percent to $3.
6 billion and in Japan fell 54 percent to $1.
4 billion
.