The impact of Brexit is likely to lead to planned investments and financing of energy infrastructures delayed in the UK.

That’s according to a new report by EY, which adds investors could also demand higher returns due to the current ambiguity of the government’s long term energy policy.

It predicts a reallocation of capital into Europe and elsewhere if some utilities and investors decide to leave the UK.

Globally, renewables will continue to “win buyers” despite a volatile market, the report states.

That’s because the move towards cleaner sources of energy in most developed countries combined with an urgent need to meet soaring demand in emerging markets are driving investment in renewables in all regions.

In Europe renewables helped drive a strong second quarter where the value of deals rose 44% to $8.1 billion (£6.1bn).

Even though European countries such as Germany and the UK are reducing subsidies for green projects, investors will redeploy capital from countries with withdrawn regulative incentives towards countries with “more supportive environments”, the report adds.