LONDON (Reuters) – The amount of future new wind capacity in Europe financed last year rose to a record high, industry group WindEurope said on Thursday, as falling costs and increased competition made it possible for investors to fund more for less cash. In total, 16.7 gigawatts (GW) of projects reached a final investment decision – 12.5 GW onshore and 4.2 GW offshore – 45 percent more than in 2017, WindEurope said in its annual report. Funding for the new investments rose to 26.7 billion euros ($30.3 billion). Even though 45 percent more future capacity was invested in, the amount spent on the investments was 20 percent more than a year earlier, a sign that costs continue to fall. “Cost reductions across the industry’s value chain and increased industry competition have made it possible for investors to finance more capacity for less cash,” it said. The cost of generating electricity from wind power fell to 1.59 million euros per megawatt (MW) in 2018 from 1.93 million euros/MW in 2017, WindEurope said. However, the report distinguishes between finance for future projects over the next few years and farms actually installed, saying the amount of capacity newly installed last year fell. “Last… continue reading
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