Undoubtedly, renewable energy is a growth sector, albeit one where public subsidies are pivotal. Approximately 40% of UK electricity demand is now met by renewable energy, a figure that is set to rise further as coal-fired stations are decommissioned and nuclear power capacity, despite the Hinkley Point C project, falls.
Of the privatised electricity companies, SSE, by some way, is the key renewables player: it owns more than 3.8GW of renewables generation capacity. However, there are now 19 quoted Renewable Energy Investment Funds (REIFs), many of which generate electricity from wind or solar.
Despite the challenges, as well as the uncertainties, caused by the COVID-19 pandemic, these 19 REIFs have raised more than £3.5bn since January 2020. Most of these funds have been deployed in either building new plant or buying existing capacity.