Global clean energy investment surged in the second quarter of 2014, driven by big wind and solar deals and installations of small-scale rooftop solar photovoltaics. Bloomberg New Energy Finance is reporting that Q2 investment spiked 33 percent from Q1 and is up 9 percent compared to Q2 last year. Renewable energy investment topped $63 billion — making this the strongest second quarter since 2012 when investment reached $69.6 billion. The all-time record quarter for clean energy investment was 2011’s Q2, which amounted to $78 billion.
Image via Brightsource Energy
The deals driving the massive increase include the largest ever non-hydro renewable investment deal — the $3.8 billion, 600 megawatt (MW) Gemini offshore wind farm that will be built in the Dutch North Sea, around 85 km north of Groningen. When completed in 2023, Gemini will supply 1.5 million people with electricity and reduce Dutch CO2 emissions by 1.25 million tons per year. Other big projects include the $818 million, 121 MW Ashalim 1 concentrating solar power project in Israel’s Negev Desert and the $647 million, 252 MW Cemex Venitka wind farm in Mexico.
China was the biggest contributor to the Q2 spike in clean energy investment, committing $19.3 billion – more than double the Q1 figure. The United States invested $10.6 billion, up 34 percent from Q1. Europe invested $14 billion, an increase of 26 percent over Q1.
“What we are seeing is the new competitiveness of renewable energy winning through, driving a surge in demand,” said Michael Liebreich, chairman of the advisory board at Bloomberg New Energy Finance. “The new investment upswing is broad-based, with activity rising across wind and solar, large-scale and small-scale projects, and covering most of the big markets.”
Lead image via Gemini Windpark