Global renewables investment hits record level

Global investment in renewables hit a record high in the third quarter of this year. Research from Bloomberg New Energy Finance has shown that asset finance of renewable energy projects, […]

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By Tom Gibson

Global investment in renewables hit a record high in the third quarter of this year. Research from Bloomberg New Energy Finance has shown that asset finance of renewable energy projects, such as wind farms and solar parks, jumped to $41.8bn (£26.5bn).

Overall investment in clean energy was $45.4bn in the third quarter of 2011, up 16% of the same period from last year. The record quarter for financial new investment remains the final quarter of 2010, at $51.5bn.

The analysis comes from Bloomberg New Energy Finance, an independentproviderof researchand analysisinnewenergy technologies. Their survey shows that the average price of PV modules has fallen by a third since this time last year and by 70% since the middle of 2008, while wind turbine prices have fallen by 20% since 2009, making renewable energy technologies more cost-competitive with fossil-fuel power sources.

Offshore wind fared well as it secured investment for three large wind farms in the North Sea, totaling more than 1GW in capacity and $6.3bn in investment. There were also big financings for photovoltaic, solar thermal and biofuel projects in the US, for a geothermal installation in Indonesia, and for onshore wind projects in Brazil and China.