Although it is one of the most important causes of global warming and climate change, the fact that fossil resources are depleted and can be imported for most countries brings with it the problem of energy supply security. For these reasons, there has been a serious trend towards the production of energy from alternative sources in the world in recent years. This study examined the effect of financial development level and foreign direct investment on renewable energy investments from the perspective of 19 developing countries. The share of renewable energy in total energy production is considered as the dependent variable while the level of financial development and foreign direct capital inflows are considered independent variables. According to the econometric analyses made within the fixed effect MM-QR regression model framework, although the impact of the financial ecosystem on renewable energy production in developing countries is positive, this effect was not statistically significant at any quantile level. On the other hand, although the impact of foreign direct investment on renewable energy production is negative, this situation is statistically substantial at medium and high quantile levels. In addition, it can be said that this study offers important policy implications to those concerned.