EUROPE invested €27 billion (£23.3bn) in new wind farms in 2018 to help finance a record amount of future new wind energy capacity, according to new figures.
WindEurope’s annual Financing and Investment Trends report published yesterday said that while the amount was similar to previous years, cost reductions, especially in offshore wind, meant it would finance a record 16.7GW of new wind capacity.
The group said 1MW of new onshore wind capacity now requires only €1.4 million (£1.2m) capital expenditure, down from €2m (£1.7m) in 2015, while 1MW of new offshore wind capacity requires €2.5m (£2.1m), down from €4.5m (£3.8m) in 2015. Most of the investments last year for future new capacity were for onshore wind – 12.5GW – and while offshore wind accounted for 4.2GW, it attracted 38.5% of the amounts invested. A total of 190 wind farms across 22 European countries reached a final investment decision (FID) last year, with northern and western Europe still accounting for most new investments. Among those reaching FID in the UK, were the Moray East (950MW), development in the Moray Firth and Triton Knoll (860 MW) in the North Sea off Lincolnshire.
The UK was the biggest investor, mostly in offshore wind and Sweden was second, while investments in southern and central and eastern Europe were only 4% of the total.
WindEurope expected Spain and Poland to pick up this year.
It said €24.1bn (£20.8bn) was invested in the acquisition of wind farms, including projects which were under development and of companies involved in wind energy – a higher figure than in previous years.
Investors were becoming more confident about wind energy and could more accurately price risk and invest earlier, helped by the maturity and competitiveness of the sector.
WindEurope CEO Giles Dickson said: “Wind energy got 60% of all the new investments in power generation capacity in Europe last year. And it was a record year for the amount of new wind energy capacity financed.
“The money is out there. But there aren’t enough bankable projects.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here