Europe spent a cumulative total of €41 billion (£34.6bn) on new wind energy projects last year.

That’s according to WindEurope’s new report which suggests the total investment was lower by 11%, compared to 2020.

However, the authors of the report note the investments covered 24.6GW of installations, a record for new capacity financed in a single year.

Most of the new wind farms were onshore, an estimated 19.8GW – that was partly due to the lower cost of this technology, according to the study.

The analysis also suggests the investments were well spread geographically, with eleven countries investing more than €1 billion (£850m).

The UK invested the most, with almost all investments supporting offshore wind.

It was followed by Germany, France, Spain, Sweden and Finland.

Spain invested the most in onshore wind. Sweden, Finland, Poland and Lithuania all invested more in new farms than they had done in any previous year.

A few months ago, WindEurope published a report which found that the European wind energy capacity installed in 2021 was less than half of what Europe should be building to hit its 2030 energy and climate goals.