Key Takeaways:
- $412 billion: Total 2016-2025 new-build utility-scale investment in renewable projects in low- and middle-income economies (excluding mainland China) with disclosed capital providers
- 68%: Share of 2025 investment provided from sources domestically in low- and middle-income markets
- 52%: Share received by India, Brazil and Turkey in the past decade
Source: BloombergNEF. Note: Investors are classified at a deal level. Investor nationality is based on the location of the renewable energy asset versus the headquarters of the investor providing debt or equity financing to the asset. See Methodology for more details. Excludes undisclosed investment.
Executive summary
Tracking investment flows in low- and middle-income economies
While global wind/solar investment peaked in 2024, capital deployed in low- and middle-income economies hit a record $140 billion in 2025, with more nations than ever receiving funds from abroad. But this is not primarily a “north-south” story of wealthier nations upping their generosity. Rather, in many cases middle-income economies themselves are proving to be their own major sources of capital.
- On a dollar basis, investment in low- and middle-income markets (excluding mainland China) remains concentrated. India, Brazil and Turkey received 52% of disclosed renewable utility-scale investment over 2016-2025, while India alone accounted for 29%.
- Middle-income economies are major providers of capital. Six of the 10 largest provider markets are middle-income, supplying about 48% of total disclosed asset finance.
- Along similar lines, domestic financing has gained importance, though models vary sharply across markets. A total of 68% of all funding for projects in low- and middle-income markets came from sources operating within those economies in 2025.
- Private investors are leading the way, supplying about 85% of the asset finance in these markets overall. In low-income economies, about 25% was supplied by development finance institutions.
- Among blocs, the European Union supplied more than 33% of foreign asset finance, while the US was the largest individual provider among nations. Both are home to major development finance institutions, which played a role in their fund totals. US flows shifted toward India in 2025, with mainland China’s fundings concentrated in Asia Pacific.
- This report mines BNEF’s proprietary Asset Finance database and primarily focuses on financings with disclosed capital providers.
Related Content
