Investors received “more capacity for less cash” during 2017 as the cost of installing wind turbines fell.

Figures from trade body WindEurope revealed that investment in wind energy fell by 16% in 2017 to €22.3 billion (£19.7bn).

A total of €14.8bn was invested in onshore wind and a further €7.5bn in offshore projects.

Europe added a record 15.7GW of capacity to take its total to 169GW, with 12.5GW onshore and 3.1GW offshore.

Uncertain outlook

But Giles Dickson, Chief Executive at WindEurope, warned: “The transition to auctions has been messier than we hoped.

“And crucially we lack clarity from many Governments on their ambitions for renewables post-2020.

“Countries need to start clarifying how much wind energy they want to deploy in the future – this will give visibility to the industry, allowing us to plan ahead and reduce costs.”

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