Scramble for Green Yield in Europe Has Big Power Beating Banks
- Renewable energy investment rises unexpectedly in Europe
- Developers going it alone to avoid restrictions from banks
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Some of Europe’s largest utilities are choosing to finance renewable energy projects alone instead of involving banks, leading to an unexpected gain in cash flowing into the industry that’s struggling to cope with subsidy cuts.
Investment in clean energy in Europe, rose 2 percent to $41.2 billion in the first nine months of this year compared with the same period a year ago, according to data compiled by Bloomberg New Energy Finance, which starts a conference in London on Monday. Companies financed almost 60 percent of that sum, up from 52 percent a year ago. Banks extended project finance for much of the remainder.