H1 global clean energy investment fell 14% to $117.6 billion

According to the latest data from BloombergNEF (BNEF), clean energy investment in China, the world's largest market, fell 39% to US$28.
8 billion in the first half of 2019, the lowest level
in any six-month period since 2013.

A sharp drop in activity in China as China's renewable energy market gradually shifted to new wind and solar capacity auctions also contributed to a 14% drop in global investment figures for the first half of 2019 to $117.
6 billion.

Justin Wu, head of BNEF Asia Pacific, commented: "The slowdown in Chinese investment is real, but the figures for the first half of 2019 may exaggerate its severity
.
We expect that nationwide solar tenders will lead to an influx of new PV project financing
.
We could also see several big deals
for offshore wind in the second half of the year.
”

Another highlight of global clean energy investment in the first half of 2019 was the financing of two relatively new markets: a solar thermal and photovoltaic complex in Dubai (950MW with a total investment of US$4.
2 billion) and two offshore wind farms off the coast of Taiwan, with an installed capacity of 640MW and 900MW respectively, at an estimated total cost of US$5.
7 billion
.

Dubai's deal with the Mohammed bin Rashid Al Maktoum IV project in late March was the largest financing
ever in the solar sector.
It involved $2.
6 billion in debt from 10 Chinese, Gulf and Western banks, and $1.
6 billion in equity
from Dubai Electricity and Water Authority, Saudi developer ACWA Power and China's Silk Road Fund.

Two offshore wind projects in Taiwan involve European developers, investors and banks, as well as local businesses
.
Offshore wind activity is expanding its geographical reach, from the North Sea and coastlines of Chinese mainland in Europe to new markets
such as Taiwan, the east coast of the United States, India and Vietnam.

BNEF's clean energy investment data for the first half of 2019 showed that the "Big Three" of China, the United States and Europe all declined, but compared to the first half of 2018, the United States fell 6% to $23.
6 billion and Europe fell 4% to $22.
2 billion, well below China's 39% decline
.

Meanwhile, Japan attracted $8.
7 billion in investment, up 3% from the first half of 2018, and India attracted $5.
9 billion in investment, up 10%, as it continued to drive its ambitious target
of 175GW of renewable energy by 2022.
Brazil attracted investment of $1.
4 billion, an increase of 19%.

In Europe, Spain performed well, with cumulative investment reaching $3.
7 billion, up 235% from the same period last year, while the Netherlands fell 41% to $2.
2 billion, Germany fell 42% to $2.
1 billion, the UK grew 35% to $2.
5 billion, the French market plunged 75% to $567 million, Sweden increased 212% to $2.
5 billion and Ukraine increased 60% to $1.
7 billion
.

Asset financing for utility-scale power generation projects such as wind farms and solar parks fell 24 percent to US$85.
6 billion, broken down by deal type, largely influenced by the Chinese market
.
In the first half of this year, financing for small-scale solar systems smaller than 1MW rose 32% to $23.
7 billion.

Investment in specialized clean energy companies through the public market increased 37 percent to $5.
6 billion, helped by two massive financings from electric vehicle manufacturers, an $863 million subprime offering from Tesla and a $650 million convertible bond
from China's NIO.

In the first half of 2019, venture capital and private equity financing for clean energy companies fell 2% to $4.
7 billion.

However, there were three particularly large deals: Swedish battery company Northvolt and U.
S.
EV battery charging specialist Lucid Motors, both reaching $1 billion, and another U.
S.
EV company, Rivian Automotive, investing $700 million
.