Geothermal, Hydro, Solar and Wind projects located in developing (4808 CDM projects) and developed (2952 Annex I projects) are compared in terms of size (capacity - MWe), capital intensity (US$/MWe) and average investment (US$ per project). The average investment in both CDM and Annex I projects increased rapidly between 2000 and 2012. Most investment in renewable energy projects in both developed and developing countries comes from domestic sources, although the share of foreign investment has been rising for both CDM and Annex I projects. A project with foreign investors often attracts funds from multiple countries, including the host country. (C) 2013 Elsevier Ltd. All rights reserved.