A slowdown in renewable energy investments in China during the first half of 2019 contributed to an overall global fall, according to BloombergNEF (BNEF). The $117.6 billion invested worldwide this year represents a fall of 14% on the same period in 2018.
“The slowdown in investment in China is real, but the figures for first-half 2019 probably overstate its severity. We expect a nationwide solar auction happening now to lead to a rush of new PV project financings. We could also see several big deals in offshore wind in the second half,” said Justin Wu, head of Asia-Pacific for BNEF.
The Mohammed bin Rashid Al Maktoum IV solar project in Dubai, along with two offshore wind arrays in Taiwan were highlights of 2019, receiving a combined investment of $10 billion.
“Al Maktoum IV is an unusual one in combining three different types of solar – the thermal technologies of parabolic trough and tower, with conventional PV – but it is also a strong signal of the appetite for solar electricity on the part of both Middle Eastern countries and international financiers,” said Jenny Chase, head of solar analysis for BNEF.