The UK retains 10th position as an attractive area for renewable investment in the EY’s Renewable Energy Country Attractiveness Index (RECAI).

Now in its 15th year the RECAI ranks 40 countries on its attractiveness index based on how investment and deployment opportunities.

China retained its place as the most attractive while the USA stalled in third place.

India made it into second place despite cancelled agreements and tariff reductions.

The UK position was helped by the announcement of 11 new projects and the announcement of the first subsidy-free solar farm.

In its 50th issue of RECAI, the report looks back over the last 15 years, reflecting on key milestones in the renewables journey and projections that new wind and solar will account for 34% of global electricity generation by 2040.

Ben Warren, EY global power & utilities corporate finance leader and RECAI chief editor, said: “These results continue a trend of dramatic cost reduction in offshore wind across Europe. Auctions held in Germany and the Netherlands have seen similar price falls.”

“While predictions should be met with caution in this changing landscape, the trend toward further technology cost reduction will likely drive enormous investment and faster penetration of renewables. The onward march of renewable energy is also likely to generate employment, tax revenue, and attractive returns for astute investors.”