The value of power projects in the European energy sector stands at just over €1 trillion according to new data.
Research firm Industrial Info Resources (IIR) there are about 9400 power projects underway in Europe at the moment, worth a total of €1.02 trillion.
And IIR has found that more than half of these projects are renewable energy-based, including wind, solar and hydroelectric.
Indeed, wind projects don’t just dominate current green energy spending – they top the power sector as a whole, accounting for almost half of Europe’s power project spending, with a total of €469bn.
Among these are a growing number of ‘super-offshore’ windfarm projects, worth in excess of €1bn each, being built in the waters surrounding the UK and in the North Sea.“Renewable energy is no longer the poor relation to conventional power,” said Nicola Lynch, President of Industrial Info Resources Europe.“Today, led by massive investment in onshore and, more recently, offshore wind, renewable energy is the hottest investment sector in the European power market.”
She added: “Europe, and in particular, the European Union, has been the leading proponent for renewable energy and climate change for decades. Now, around the world, that rallying call is being taken up by a much greater number of nations.
“In December at the Paris Climate Talks, almost 200 nations agreed on an historic climate change and energy deal that will only serve to spur on renewable energy development and investment in the coming decades.”