Record US renewables investment: $55.5B in 2019

Despite a conservative start to 2019, the US hit a record $55.5bn in renewable energy investments in 2019, eclipsing 2018. The figure is the result of a late-2019 surge in offshore wind financing as the Production Tax Credit winds down in 2020.


BNEF data

BNEF reports…

The late surge in offshore wind financings took capacity investment in that sector to $29.9 billion, up 19% on 2018 and $2 billion more than in the previous record year of 2016. Among the offshore projects reaching financial close in the fourth quarter were the 432MW Neart na Gaoithe array off the Scottish coast at $3.4 billion, the 376MW Formosa II Miaoli project off Taiwan at $2 billion and the 500MW Fuzhou Changle C installation in the East China Sea, at $1.5 billion. The first of France’s offshore wind projects to be financed, the 480MW, $2.5 billion Saint Nazaire, got its go-ahead in the third quarter.

…China was yet again the biggest investor in renewables, at $83.4 billion in 2019, but this was 8% down on 2018 and the lowest since 2013. It saw a 10% rise in wind investment to $55 billion, but solar fell 33% to $25.7 billion, less than a third of the boom figure reached in 2017.

View our US offshore wind and solar jobs

Source
BNEF – Late Surge in Offshore Wind Financings Helps 2019 Renewables Investment to Overtake 2018

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