Global investment in new renewable energy capacity reached $327.5 billion in the first half of 2026, according to BloombergNEF figures reported by pv magazine on 28 August. The total was virtually unchanged from the second half of 2025 but sat 21% below the record set in the first half of 2024. Beneath the flat headline number, the mix of what is being financed is shifting quickly: co-located solar-plus-storage projects attracted a record $25 billion, nearly double the level of the previous six months and three times the amount committed a year earlier.
The growth in hybrid projects came at the expense of standalone solar. Investment in solar PV without storage fell 20% year on year to $75.4 billion, the lowest level since the solar boom began in 2021. BNEF attributed the decline to price cannibalisation, curtailment and grid congestion in mature markets, which are pushing developers to add batteries so that output can be shifted into higher-value hours. Wind fared worse overall: global wind investment dropped 27% to $92.3 billion, with onshore wind down 4% at $80.7 billion and offshore wind plunging 72% on poor auction results and high financing costs.
Regionally, the United States was the second-largest market behind China and ahead of the European Union, with investment up 54% year on year. US solar investment climbed 41% to $45.8 billion and wind investment more than doubled to $13.8 billion, driven by tax credit deadlines and demand from data centres. China now accounts for only one quarter of global investment, down from more than half in 2022, following its electricity market reforms. In Europe, onshore wind bucked the global downturn, with Germany, Romania and Serbia all posting record investment after auctions.
The emerging market picture was more encouraging than the global total suggests. Vietnam quadrupled its renewable investment in the period, helping South East Asia as a whole surpass $12 billion. Nigeria recorded rising investment in distributed solar and storage, and Central Asia held investment above $4 billion. Brazil, meanwhile, underpinned global biofuel investment of $7.7 billion. For developers, lenders and equipment suppliers active in these regions, the data confirms that capital is still flowing to markets with clear procurement frameworks even as flagship offshore wind and standalone solar spending retreats elsewhere.
Why does this matter?
The BNEF numbers show that the financing model for renewables is changing rather than collapsing. Money is moving from standalone solar and offshore wind into hybrid solar-plus-storage projects and into growth markets such as Vietnam, Nigeria and Central Asia, which rewards developers who bring storage and firm output to procurement processes.
What happens next?
BNEF expects new renewable installations in 2026 to fall below 2025 levels, which would be the first year-on-year decline in more than a decade, before growth resumes in 2027. Second-half investment data will show whether the record pace of solar-plus-storage financing can offset the slowdown in standalone solar and offshore wind.
Sources: pv magazine: Investments in co-located solar-plus-storage reach $25 billion in H1, says BloombergNEF