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GSR 2015

223 03 RENEWABLES 2015 GLOBAL STATUS REPORT INVESTMENT FLOWS 1 The BNEF estimate for investment in large hydropower (>50 MW) is based on about 17.5 GW (average of estimated range of 15–20 GW) of capacity commissioned during 2014 and a capital cost per MW of USD 1.75 million, bringing the total investment in large hydro to USD 31 billion. The figure USD 1.75 billion per GW is the average value based on numbers provided by developers of large hydro projects in applications for the Clean Development Mechanism. Estimates are approximate only, due greatly to the fact that timing of the investment decision on a project may be about four years on average away from the moment of commissioning. As a result, a large share of the investment total for the projects commissioned in 2014 was actually invested in prior years; in addition, there was investment during 2014 for projects that are currently under construction and are not included in the BNEF estimates. Note that data for hydropower projects larger than 50 MW differ somewhat between this GSR and the Global Trends in Renewable Energy Investment 2015 due to different methodologies and data sources. This GSR estimates that about 37 GW of total hydropower capacity was commissioned worldwide during 2014, and a significant portion of this was projects larger than 50 MW (see Hydropower section in this report), whereas BNEF estimates that 18.5–23.5 GW of hydro capacity was commissioned in 2014, including 15–20 GW of large projects (>50 MW). Taking the BNEF estimate that 3.5 GW of small-scale hydropower capacity (from 1 MW to <50 MW) was added, it is likely that BNEF's estimate of larger projects is underestimated. 2 National Energy Administration of China, “National Electric Power Industry Statistics,” sourced from the National Energy Board (Beijing: 16 January 2015), http://www.nea.gov.cn/2015- 01/16/c_133923477.htm (using Google Translate). 3 See Endnote 1 for this section. 4 Note that these dollar amounts for capacity investment are based on BNEF estimates that some 103 GW of new capacity (not including hydropower >50 MW) was added in 2014, up from an estimated 86 GW in 2013. These BNEF estimates are not necessarily consistent with capacity data provided elsewhere in the GSR. ENDNOTES 03 INVESTMENT FLOWS BACK

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