The UK has retained its position as the 10th most attractive country for investments in the renewable energy sector.
That’s according to EY’s Renewable Energy Country Attractiveness Index (RECAI), which ranks 40 countries on the attractiveness of their clean power investment and deployment opportunities.
The UK’s position has stabilised following three offshore wind and eight waste and biomass projects being awarded contracts in the second Contracts for Difference (CfD) auction.
The 11 projects have been awarded contracts with prices lower than most predictions, with two undercutting 2015 bid prices by half.
The UK has also seen its first subsidy-free solar farm, made up of 10MW of panels and 6MW of battery storage, being built in Bedfordshire.
China holds its position at the top of the rankings, with India taking second place.
The US has fallen to third place after the threat of import tariffs unsettled its solar market.
Ben Warren, EY Global Power & Utilities Corporate Finance Leader, said: “While predictions should be met with caution in this changing landscape, the trend toward further technology cost reduction will likely drive enormous investment and faster penetration of renewables.
“The onward march of renewable energy is also likely to generate employment, tax revenue and attractive returns for astute investors.”