Investments in new wind energy capacity in Europe fell to €22.3 billion (£19.8bn) last year.

It was down 19% from 2016 as the sector saw reduced costs, according to the latest statistics from WindEurope.

While offshore wind investments dropped by 60%, down to €7.5 billion (£6.7bn), onshore investments hit a record level of €14.8 billion (£13bn).

However, the investments funded a record 11.5GW of projects – 2.5GW in offshore and 9GW in onshore wind.

Onshore wind capacity grew by 12.5GW and offshore wind by 3.1GW – accounting for 55% of all power capacity installations last year.

The report states: “Cost reductions across the industry’s value chain and increased industry competition have made it possible for investors to finance more capacity for less cash.”

Germany was the biggest investor, generating a total of €6.7 billion (£6bn) for new onshore and offshore wind farms – accounting for 30% of the total investments made last year.

It was followed by the UK with €5 billion (£4.4bn) – 22% of the total investments.