Wales has "missed opportunities" to invest in renewable energy, a report from the Institute of Welsh Affairs (IWA) has found, as a significant number of potential projects struggled or did not even attempt to attract funding.

The IWA report, Funding Renewable Energy Projects in Wales, said that a "lack of ambition and strategy" was holding back investment.

In its report, the IWA highlighted that Danish player Dong, which owns or part-owns two-fifths of the UK’s existing offshore wind capacity, receives more than £1.5bn