A focus on floating wind helped France leapfrog Germany as a destination for renewables investment in latest rankings by accounting giant EY.
French support for the emerging offshore technology and expanded onshore wind targets were cited among factors pushing France to third place in EY’s twice-yearly Renewable Energy Country Attractiveness Index (RECAI), up from fifth last time.
France already has a floating pilot turbine in the water, and is preparing for Europe's first commercial offshore wind tender in 2021.
The ranking boost meant it overtook Germany in EY's May league, where policy woes pushed Europe’s former renewables powerhouse down to sixth from fourth place last time.
As recently as this week, Germany's latest onshore wind tender fell flat as the country reaps the consequences of permitting issues and poorly designed tenders.
France was beaten only by leaders China and the US, which retained their previous first and second-place rankings.
The UK remained stuck in eighth place despite the announcement of its historic ‘sector deal’ for offshore wind.
EY global power & utilities corporate finance leader Ben Warren said: “While the offshore wind deal is extremely positive news for the UK renewables sector and will help to attract significant investment over the coming years, the announcement regrettably follows the withdrawal of support for onshore renewables in 2016 that has slowed UK sector growth.”
1. China (1)
2. US (2)
3. France (5)
4. India (3)
5. Australia (6)
6. Germany (4)
7. Japan (7)
8. UK (8)
9. Argentina (10)
10. Netherlands (9)
Source: EY RECAI May 2019