Offshore wind projects helped the total pumped into the UK renewables industry to more than double during 2016.

Investment rose from £3.1 billion to a record £6.6bn in 2016, according to data gathered by analysts at Clean Energy Pipeline (CEP) for law firm TLT’s Renewable Energy Finance report.

Banks lent offshore wind projects a total of £12.7bn in 2016, up from £6.1bn in 2015.

Merger and acquisition (M&A) activity in the offshore wind industry surged to £3.4bn last year from just £384 million during the previous 12 months.

‘Strong, robust sector’

Maria Connolly, TLT’s Head of Energy & Renewables, said: “The data for 2016 clearly shows a strong, robust sector adapting to a subsidy-free era. 

“Renewables projects are a good source of long-term and stable returns for investors and funders.

“Scale and maturity will continue to make renewables attractive to both finance and re-finance as the secondary market expands.”

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