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

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.