UK received £39.6bn of renewable power investment over the last four years

24 March 2015 (Last Updated March 24th, 2015 18:30)

Approximately £39.6bn of capital has boosted the renewable energy sector from 2010 to 2014, most of which have been contributed towards wind power developments, according to a report published by the UK Department of Energy & Climate Change (DECC).

Approximately £39.6bn of capital has boosted the renewable energy sector from 2010 to 2014, most of which have been contributed towards wind power developments, according to a report published by the UK Department of Energy & Climate Change (DECC).

Offshore wind projects had received nearly £9.5bn investment during the four-year period. It was closely followed by onshore wind developments with a £7.9bn capital engagement.

From 2010 until the third quarter of 2014, offshore wind had accounted for 3.7% of the total power generated in the country, which can go up to 12% by 2020.

During the same period, onshore wind accounted for around 5.5% of the power mix, which is expected to be raised to 10% another five years from now.

"Offshore wind projects received nearly £9.5bn investment from 2010 to 2014."

The solar photovoltaic (PV) sector had received around £11.4bn investment over four years with marine having £100m, biomass and bioenergy £8.8bn, and hydro £300m, DECC said.

At present, renewable power sufficed almost 20% of UK’s energy requirements, powering around 14.5 million households annually.

The country has lots of renewable projects in the pipeline and ranks the first among offshore wind producing nations, the report stated.

DECC said: "Overall, turnover in the UK’s low-carbon economy is now valued at approximately £122bn and has been growing at an average rate of more than 7% per year since 2010 in nominal terms.

"The sector now supports more than 460,000 jobs and the number employed has been increasing at an average rate of 3.8% per annum."

With a potential for 27GW of wave, 32GW of tidal stream, 45GW of tidal barrages, and 14GW of tidal lagoons, the UK can be attractive for those who want to invest in marine energy sector.