Global new renewable power capacity grew in 2016 even as global new investment in renewables dropped, according to a report commissioned by the United Nations Environment Program out April 6.

The Global Trends in Renewable Energy Investment 2017 report found that global investment in renewables—excluding large hydro—fell in 2016 by 23% to $ 241.6 billion. That total represented the lowest global investment since 2013.

Global renewable power capacity grew 8% in 2016. “Wind, solar, biomass and waste-to-energy, geothermal, small hydro and marine sources between them added 138.5GW, up from 127.5GW in the previous year,” according to the report.

The reason for the drop in investment is twofold, the report says. “One was lower costs, with average dollar capital expenditure per MW down by more than 10% for solar photovoltaics, onshore wind and offshore wind, improving the competitiveness of those technologies,” according to the report. “The other was not so positive – there was a marked slowdown in financings in China, Japan and some emerging markets during the course of the year.…

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