Renewable investment is “picking up pace” despite uncertainty over the terms of Britain’s departure from the EU, according to the latest edition of EY’s biannual Renewable Energy Country Attractiveness Index.
The UK has swapped places with Japan to retake seventh position in the index, which ranks 40 countries from around the world on their attractiveness to investors in the sector.
It was once again topped by China in first and the US in second, despite the former experiencing a crash in investment. India moved up once place to complete the top three, replacing France, which dropped down to fourth.
The UK scored highly on both offshore wind and marine power, coming second in these categories to the US and France respectively, but scored poorly on solar PV, ranking 36th out of 40.
EY noted the results of the latest Contracts for Difference auction in which agreements were awarded for almost 5.8GW of capacity at less than forecast wholesale prices.
The UK retained eighth position in the previous index, having dropped down from seventh in the one before due to a Brexit related slump in investment.