Investment in renewable energy rose by 7% in the third quarter (Q3) of this year.

That’s according to Clean Energy Pipeline, a data service dedicated to the green energy sector, which said investment totalled $75.4 billion (£49.01bn) during the same period.

It believes the funding will surpass the $286 billion (£185.9bn) recorded in 2014.

Finance in clean energy projects totalled $53.4 billion (£34.7bn), a 21% increase in Q3 driven by a 51% increase in the Asia-Pacific region. It saw a record volume of $24.1 billion (£15.6bn) of investment.

On the other hand, project finance in Europe fell 38% annually to $9.1 billion (£5.9bn), a three-year low, the report added.

That was caused by a slump in the number of projects financed. Only 93 renewable energy projects in Europe secured financing, it stated.

Arond 23.4GW of renewable energy capacity was acquired in Q3, a record high, according to Clean Energy Pipeline.

Thomas Sturge, Head of Research at Clean Energy Pipeline said: “The most striking feature of last quarter’s investment figures was the sharp decrease in European project finance. This should not come as a surprise. There is still plenty of appetite to invest in renewables but swingeing subsidy cuts in some of Europe’s major markets during the last three years have significantly reduced deal flow.”