Renewable energy investment in H1 2026 held steady overall, but the mix of projects being financed is changing, according to BloombergNEF
Standalone utility-scale solar faced a notable decline as investors assessed revenue and grid-related risks
Storage-linked projects emerged as the standout investment area, with co-located assets attracting record funding
Global renewable energy investment reached $327.5 billion in H1 2026, remaining broadly unchanged from the previous six-month period but 21% below its peak in H2 2024, according to BloombergNEF (BNEF).
The investment pattern also showed a growing shift toward projects that combine generation with storage.
BNEF said financing for stand-alone utility-scale solar and onshore wind accounted for less than half of renewable investment during the period. These technologies have typically represented about two-thirds of annual investment.
Utility-scale solar saw a sharper decline than onshore wind, with financing falling 20% year-on-year (YoY) to $75.4 billion. According to the analysts, this is the lowest investment volume for this technology since the solar boom began in 2021.
They link the decline to concerns over curtailment, power price cannibalization, and grid congestion. Financing fell across several markets, particularly China, Brazil, and parts of Europe.
Against this backdrop, it notes, investors and developers increasingly moved toward projects with co-located storage. Co-located assets received a record $25 billion in investment in H1 2026, nearly twice the level in H2 2025 and three times the amount recorded in H1 2025, led by the US and Australia.
Global wind investment, on the other hand, declined by 27% to $92.3 billion in H1 2026. Offshore wind financing fell 72%, while onshore wind investment declined by 4% to $80.7 billion.
The US was the second-largest renewable energy investment market in the reporting period, behind China and ahead of the European Union (EU). Investment increased 54% YoY as developers sought to meet tax-credit deadlines and respond to rising electricity demand from data centers.
US solar investment rose 41% YoY to a record $45.8 billion, while wind investment more than doubled to $13.8 billion. BNEF said solar and onshore wind projects that have retained tax-credit eligibility are expected to support near-term US construction, with the last of those projects coming online in 2030.
Although China accounted for about one-quarter of global renewable investment in H1 2026, its share shrank from more than half in 2022. The research firm said developers have adjusted their revenue expectations following power-market reforms introduced last year in the country.
They do expect further support through Contracts for Difference (CfD) auctions could help increase investment in China during H2 2026.
Beyond these big markets, investment also increased in several other markets as Vietnam saw investments rise fourfold, while Malaysia and the Philippines contributed more than $12 billion in renewable investments across Southeast Asia.
Central Asian investment exceeded $4 billion for the second consecutive six-month period, driven by onshore wind activity in Kazakhstan. Among Sub-Saharan African markets, Nigeria saw a boom in small-scale solar as higher fuel prices during the Iran war made solar and storage more attractive for backup power.
Earlier, Mercom Capital Group reported 56% YoY growth in global corporate solar funding in H1 2026, driven by strong debt financing and public market activity (see Mercom: Global Corporate Solar Funding Jumps 56% In H1 2026).
