France is up to third spot in the EY Renewable energy country attractiveness index (RECAI) out today – on the back of its investments in floating offshore wind.

China and America remain first and second respectively, with European nations accounting for four of the top 10 positions. In this 53rd edition of the bi-annual index, EY highlights the industry is entering a new era of ‘subsidy free growth’, with the rapid rise of corporate purchases of renewable energy being one major driver of this new phase.

“In this more complex subsidy-free environment, renewable developers must work harder and smarter to find the revenue certainty they need to finance or monetise their efforts. Europe has led the way with unsubsidised projects in areas with good renewable resources, and multiple projects across the Nordics, UK, and Spain are being developed – backed by private investment and corporate power purchase agreements (PPAs) to provide the required stability,” said Ben Warren, EY Global Power & Utilities Corporate Finance Leader and RECAI Chief Editor. “For the renewable energy market overall, however, a future without government subsidy is one that will no longer be vulnerable to sudden shifts in policy, or to retroactive changes to promised tariffs. It will be one where market forces impose discipline, drive efficiencies and accelerate the cost reductions that have allowed the sector to stand on its own two feet.”

Check out the top 40 – along with key insights from the report.