Global investment in renewable energy reached $327.5 billion in the first half of 2026, broadly flat from the previous six months but 21% below the record set in late 2024, with capital increasingly shifting toward flexible assets such as co-located solar and storage, according to data released by BloombergNEF (BNEF).

Financing for standalone utility-scale solar fell 20% year on year to $75.4 billion, its lowest since the solar investment boom began in 2021. Growing revenue uncertainty from price cannibalization, curtailment and grid congestion is pushing developers toward hybrid configurations, BNEF said.

Notably, co-located solar-plus-storage projects attracted a record $25 billion in the first half, nearly double the figure from the second half of 2025 and three times the level a year earlier. The U.S. and Australia led investment in the segment.

The U.S. was the second largest market after China, with renewable investment up 54% year on year as developers accelerated financing to meet tax credit deadlines and respond to surging electricity demand from data centers. U.S. solar investment rose 41% to a record $45.8 billion, while wind investment more than doubled to $13.8 billion.

Global wind investment totaled $92.3 billion, down 27% year on year, with offshore wind plunging 72% amid poor auction results and higher costs. Onshore wind declined 4% to $80.7 billion, though Europe bucked the trend with record investment in Germany, Romania and Serbia following recent auctions.

China accounted for one-quarter of global investment, down from more than half in 2022 after electricity market reforms. Vietnam quadrupled its investment, Southeast Asia surpassed $12 billion, and Brazil helped push global biofuel investment to $7.7 billion.

BNEF expects new renewable installations in 2026 to fall below 2025 levels, marking the first annual decline in more than a decade, with growth resuming in 2027.