H1 Global renewable energy investment increases by 5%, offshore wind power soars by 319% year-on-year

According to the latest data from Bloomberg New Energy Finance (BNEF), renewable energy capacity investment showed strong resilience
in the first half of 2020 in the face of the unprecedented economic shock caused by the coronavirus.

Offshore wind, a sub-sector of renewables, was by far the busiest half year, according to BNEF data, which more than offset the decline
in investment in solar, onshore wind and biomass.

In the first half of 2020, offshore wind financing totaled US$35 billion, up 319% year-on-year and actually well above the record full-year figure of 2019 (revised US$31.
9 billion).

In the first half of this year, investment decisions were made on 28 offshore wind farms, including the largest ever 1.
5GW Vattenfall Hollandse Zuid array off the coast of the Netherlands, estimated at $3.
9 billion
.

Other significant offshore transactions include the 1.
1GW SSE Seagreen project outside the UK, estimated to be worth US$3.
8 billion; 600 MW project in Taiwan, estimated to be worth US$3.
6 billion; and the Fecamp and Saint-Brieuc projects in French waters, totaling 993MW with a total investment of $5.
4 billion
.

Overall, total investment in new renewable generation capacity (excluding large hydroelectric dams over 50 MW) was $132.
4 billion in the first half of 2020, up 5%
from a revised $125.
8 billion for the same period in 2019.
Investment in onshore wind fell 21 percent to $37.
5 billion, while solar fell 12 percent to $54.
7 billion
.

Investment in new biomass and waste-to-energy generation fell 34 percent to $3.
7 billion, while investment in geothermal increased 594 percent to $676 million
.
Small hydropower projects smaller than 50 MW attracted $576 million in investment, down 14 percent, and biofuel production plants attracted $250 million in investment, down 82 percent
.

By country and region, China is once again the largest market, with investments of US$41.
6 billion in the first half of 2020, up 42% from the same period in 2019,
due to the offshore boom.
Europe gained $36.
5 billion, up 50 percent, while the U.
S.
fell 30 percent to $17.
8 billion
.
Total financing in Japan rose 14% to $10.
8 billion, while total financing in India fell 49% to $2.
7 billion, while total financing from Brazil fell 26% to $2.
5 billion
.
The Netherlands grew by 231% to $6.
9 billion, France by 306% to $6.
2 billion, the United Kingdom by 265% to $5.
7 billion, Spain by 11% to $3.
7 billion and Germany by 20% to $3.
6 billion
.

BNEF editor-in-chief Angus McCrone said the full-year 2020 data will show more clearly the impact of
Covid-19 on green energy investments.
"Renewable energy benefits from vastly improved competitiveness and investor demand
for assets that provide secure cash flow.
"

BNEF's investment data for enterprise-grade renewable energy and energy-smart technologies, such as battery storage, shows that by the first half of 2020, specialist companies raised $2.
4 billion in the public market, down 43%.

Investment in venture capital and private equity funds grew 10% to $2.
5 billion
.

Overall clean energy investment, including renewable capacity financing and corporate equity deals, reached $137 billion in the first half of 2020, up 4%
from $131.
9 billion in the first half of 2019.