Global investment in renewable energies fell 15% to $50.5 billion in the first quarter of 2015, down from $59.3 billion in the same period last year.
The total figure was also down from 2014's fourth quarter, which saw $67.6 billion invested as companies rushed deals through before the end of the year.
Investment in wind fell 30% to $15.1 billion in Q1 year-on-year, following a record breaking 2014.
BNEF said it was "too early to say" if the fall this quarter would be continued through the rest of 2015. Changes in exchange rates and reduced activity in the offshore sector have been blamed for the fall. Chairman of the BNEF advisory board Michael Liebreich said without these factors, investment would have been level with last year.
A spokesperson said: "Q1 historically has always seen the lowest investment levels after a rush to close deals by the end of the previous year."
|Year||Q1 investment||Total year investment|
|2004||$9.3 billion||$60 billion|
|2005||$13.2 billion||$88 billion|
|2006||$21.8 billion||$128 billion|
|2007||$27.8 billion||$175 billion|
|2008||$35.9 billion||$205 billion|
|2009||$30.4 billion||$206 billion|
|2010||$50.4 billion||$272 billion|
|2011||$57.3 billion||$318 billion|
|2012||$54.0 billion||$294 billion|
|2013||$43.1 billion||$268 billion|
|2014||$59.3 billion||$310 billion|
Figures provided by BNEF
The figure posted in Q1 this year is the lowest since Q1 2013 where just $43.1 billion was invested. 2013 saw a total of $268 billion invested.
Financial close of Northland Power's $1.3 billion Nordsee 1 project in the German North Sea was the largest finance deal of the quarter.
Investment in Europe fell 30%, mostly blamed on the lack of big deals in the offshore sector compared to last year. Investment in China and Brazil also fell 24% and 62% respectively.
India saw a 59% increase, with South Africa also seeing a boost. Investment there reached $3.1 billion from "almost nothing" a year before.