Renewables investment jumps 10% in first half of 2025

Investment in new renewable energy projects has risen by 10% in the first half of the year with small-scale solar and offshore wind among the biggest contributors.

Figures from BloombergNEF (BNEF) show global spending rose to $386 billion. However, asset finance for utility-scale solar and onshore wind shrank by 13%, blamed on rising curtailment and greater exposure to negative power prices in some markets.

“Renewable energy investors and developers are rethinking capital allocation and putting their money where project returns are strongest,” said Meredith Annex, Head of Clean Power at BNEF. “The decline in utility-scale solar and onshore wind financing during the first half of 2025 is taking a toll on project pipelines and likely will continue to do so.”

The EU-27 countries saw investment in the first half of 2025 rise by nearly $30 billion, or 63%, compared to the second half of 2024. BNEF said the numbers support the idea that companies are reallocating capital out of the US and into Europe – particularly in offshore wind, where several developers refocused to North Sea sites over US projects.