Renewable energy investment up 33pc in second quarter of 2014

Global renewable energy investments increased by 33 per cent in the second quarter of 2014, mainly due to the record-breaking £2.2 billion offshore wind farm in the North Sea, according to Bloomberg New Energy Finance (BNEF).

Investment in renewable energy projects totalled £37.2 billion from April to June; an increase of 9 per cent from the same period in 2013.

The 600 megawatt (MW) Gemini wind farm will be built in the North Sea in Dutch waters 85km from Groningen, and is the biggest deal in the history of the offshore wind sector.

The wind farm will be one of the largest in the world and is expected to cater for the annual energy demands of around 1.5 million people and reduce the annual carbon dioxide emissions of the Netherlands by approximately 1.25 million tonnes.

The Bloomberg New Energy Finance report also revealed that investment in rooftop and small-scale solar installations rose by 41 per cent to £12.4 billion from the year before.

Venture capital and private equity investment in clean energy companies rose by 36 per cent to £940 million.

Michael Liebreich, chairman of BNEF’s advisory board said: “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. We are expecting the full year figures for 2014 to show a clear rebound in global investment in clean energy.”