More than €50 billion was invested in wind energy across Europe last year, according to a new report.

The Financing and Investment Trends report from industry body, WindEurope, reveals a little under half of the total €51.2 billion spend was on new projects, with the rest going into refinancing existing farms, acquisitions and ‘public market fundraising’. Overall investment was up 9% on 2016.

 

“With €51.2bn, wind energy accounted for half of all power sector investments in 2017. It’s delivering more capacity for less money. This is largely due to increased competition in auctions and technology advances that are driving cost reductions in the supply chain,” said Pierre Tardieu, WindEurope Chief Policy Officer.

 

He added: “The outlook for 2018 is strong with investment volumes expected to increase.”

It follows positive statistics released earlier this year, which showed Europe added record levels of wind power in 2017.