WindEurope’s Annual Financing and Investment Trends report finds that Europe invested just €17bn in new wind farms in 2022, the lowest since 2009. Germany invested the most in new wind farms in 2022, followed by Finland and Poland.
The €17bn financed wind farms with a total capacity of 12 GW in all of Europe, 10 GW of which were in the EU. These wind farms will be built over the next years and must not be confused with annual installations. In 2022 the EU installed 16 GW and WindEurope estimates that the EU will build on average 20 GW of new wind farms over the next five years.
A record amount of wind energy capacity changed hands in 2022. Project acquisitions reached 22 GW, with more early stage projects being acquired.
Nearly all the financed capacity was for onshore wind farms. France was the only country to finance two small floating offshore wind projects with a total capacity of 60 MW. Not a single commercial scale offshore wind farm reached final investment decision (FID) in 2022.
The wind industry is still suffering from higher input costs and supply chain disruptions. Rising costs for raw materials and international shipping have only been amplified by the Russian invasion of Ukraine, high inflation and skyrocketing electricity prices during last year’s energy crisis. As a result, the cost for producing a wind turbine in Europe has increased by up to 40% over the last two years. To reflect this surge in input costs Governments must urgently ensure that all renewables auctions are fully index-linked.
