The world installed a record 70GW of solar and a near-record 56.5GW of wind in 2016, with acquisition activity also hitting a new high amid surging corporate M&A, says Bloomberg New Energy Finance.

Offshore wind represented “the brightest spot” for new investment, BNEF says, with capital spending commitments for offshore wind farms soaring 40% to $29.9bn thanks to a vibrant European market.

The record figure includes Dong Energy’s $5.7bn final investment decision on the 1.2GW Hornsea 1 array in UK waters, in addition to 14 other offshore projects larger than 100MW that received the go-ahead last year off the coast of the UK, Germany, Belgium, Denmark and China.