Majority of Americans favor energy system overhaul, study finds

As the U.S. Environmental Protection Agency (EPA) prepares to present its draft guidelines for greenhouse gas emissions from the electric power sector under the Clean Air Act, a survey from Zogby Analytics has found that most Americans favor some sort of energy system overhaul.

Almost 75% of those polled support the cutting back reliance on old power plants, with 58% in favor of modernizing the U.S.'s power system even if it means paying more in energy bills. The addition of more solar, wind and hydropower to the country's energy mix is supported by two-thirds of those polled.

The survey was carried out ahead of the EPA's new draft guidelines of greenhouse gases, due to be published on June 2. Members of the U.S. Advanced Energy Economy (AEE) gathered at a press briefing for the survey's results, and discussed ways to modernize the electric power system of the country through advanced energy services and technologies expected to be covered under the upcoming regulation.

"We believe the EPA’s regulation of greenhouse gas emissions represents an opportunity to modernize the electric power system for the 21st century, and this new survey shows that Americans support the idea of modernizing the electric power sector by a wide margin," said AEE SVP of policy and government affairs, Malcolm Woolf. "Advanced energy companies offer dozens of technologies and services that can be used by states to meet the EPA carbon standards and upgrade electric power service for households and businesses at the same time."

During the meeting, a number of CEOs from AEE member companies spoke of their belief that advanced energy solutions can help transform the U.S. power system, including Steve Cowell, CEO of Conservation Service Group, who remarked that the U.S. has already proved that lowering reliance on existing power plants has helped save money for homes and businesses. "This approach also reduces greenhouse gas emissions. Energy efficiency is a winning solution for the economy and the environment, and doing more of it multiplies those benefits," he said.

President and founder of Opower, Alex Laskey, said: "Embracing behavioral energy efficiency alone could abate 10 million metric tons of carbon dioxide pollution and save families $2.2 billion every year."

Susan Reilly, chair of the board of directors of the American Wind Energy Association, said that wind is no longer an alternative energy option, but an imperative ingredient in the 21st century power mix, alongside solar and hydropower technologies. "The U.S. electricity sector is responsible for about 40% of this country’s carbon emissions, which presents a huge opportunity for renewable energy to provide significant reductions," she added.

The EPA will publish its draft proposals on Monday. Analysts and energy experts in the country believe the rules will make it impossible for new coal-fired generating units to be built, and will call upon industry seek cleaner energy alternatives. The draft proposal is also likely to regulate emissions from existing power plants – a move that is likely to have a significantly positive impact on the renewable energy field.

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Manufacturers will be quids-in from July

Market research company IHS is predicting an explosion in solar demand in the second half of the year that will see manufacturers start to benefit from July onwards.

IHS says record low system prices and key policy changes in the crucial Chinese and UK markets will drive a record installation rate of almost 15 GW in the October-to-December period with solar manufacturers reaping the benefits from July onwards as they ship the components needed to meet that demand.

China will remain the world's biggest solar market, according to IHS, thanks in part to a new policy to drive expansion of the country's smaller-scale distributed generation market.

Analysts at IHS have stated China's 8 GW target for distributed generation this year is too ambitious given problems with financing options, grid infrastructure and rooftop ownership rights, with 4-5 GW a more realistic figure. But IHS says a policy to remove some of the roadblocks could be introduced as early as July and will help drive the solar superpower to 13.1 GW of new installations this year, with around 70% of the figure arriving from July onwards.

The booming UK market – driven by the government's announcement it will review the access of large-scale projects to the ROC scheme two years ahead of schedule – will see it overtake long-time world leaders Germany as the world's fourth biggest solar market this year.

Renewable Obligation Certificates are issued for every MWh of renewable elctricity generated and serve to meet electricity companies' renewable obligations as well as securing access to a portion of the penalty payments fund which suppliers falling short of their renewable obligations pay into.

ROC solar gold rush

Allowing large-scale schemes access to the ROC regime will prompt a solar gold rush to complete several gigawatts’ worth of large scale projects in the UK before the tax year ends on March 31, according to IHS.

The UK will pick up the slack from Germany, which will slip to fifth place, says IHS, because of a reduction in FIT payments available to developers in Germany who have already been hit by last summer's minimum price agreement with the manufacturers of previously bargain-basement-priced Chinese products which helped power the German market. IHS is predicting German installations this year will fall to 2.5 GW of the 46 GW it says will be installed worldwide.

The market research company also says Japan, which will remain the world's second largest solar market this year, and the UK dominated installations in the January-to-March period – supplying 42% of the market – because of a rush to complete schemes by the time two two countries' April-to-March tax years ended.

Installations in Q1 were down 17% on the previous – record – quarter's return of 12.7 GW but IHS says the second half surge in demand will set a new record in the October-to-December accounting period, with 9 GW of the almost 15 GW of new solar installed coming from MW-scale systems.

According to IHS, the U.S. will remain the world's third largest solar market in 2014.

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US residential installations outstrip commercial for first time ever, finds SEIA

A report from the Solar Energy Industry Association (SEIA) and GTM Research has revealed that for the first time ever, residential PV installations outstripped commercial PV installations in the first quarter of 2014.

The Q1 2014 U.S. Solar Market Insight Report also found that 1.33 GW of PV capacity was added across the U.S. in the first three months of the year. For the residential sector, a combined figure of 232 MW was just enough to push the market above commercial, which could only add 225 MW of PV capacity.

However, both GTM Research and SEIA expect this dip to be temporary, with commercial forecast to outperform residential for the remaining three quarters of the year. A strong solar leasing market and lower systems costs have helped drive the residential sector, which is still on course for further growth throughout the year, the researchers believe.

On the utility scale, PV capacity grew 171% year-on-year, with 873 MW installed in Q1 2014 – two-thirds of the overall total. "Solar accounted for 74% of all new U.S. electric capacity installed in Q1 2014, further signaling the rapidly increasing roles that solar is playing in the energy market," said GTM Research senior VP, Shayle Kann. "Expect to see a resurgence in the non-residential market, combined with continued incremental residential growth throughout the rest of the year."

Over the course of the year, the U.S. in on course to install 6.6 GW of PV capacity, say the researchers, which is up 39% on last year.

SEIA president and CEO Rhone Resch was bullish at the findings, recalling that the industry now pumps some $15 billion a year in the U.S. economy. "Solar energy is also providing a big boost for our environment," he added. "The 14,800 MW of solar currently installed in the U.S. can generate enough pollution-free electricity to displace 18 billion pounds of coal or 1.8 billion gallons of gasoline. Solar can be a real game changer."

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Nine out of ten Indian solar companies imported dumped goods

The dependence of India's solar ambitions on imports was exposed by the ministry of commerce's revelation the three companies which brought an anti dumping (AD) complaint before it effectively comprise all the nation's domestic solar manufacturing industry.

Whilst acknowledging trade case complainants Indosolar, Jupiter Solar and Websol Energy Systems accounted for only 11.96% of total Indian production during the period investigated – 2011 and the first half of 2012 – ministry officials reserved the right to exclude the country's remaining 39 producers from the definition.

The final report explaining Thursday's recommendation anti dumping duties be applied to solar cells and modules imported from China, Taiwan, Malaysia and the U.S., stated the 39 other producers had failed to respond to approaches from the investigation.

Ministry officials reserved the right to presume the companies in question failed to back the anti dumping complaint because they import dumped goods and will be adversely hit by duties. It was further pointed out, none of the parties attempting to prevent the imposition of duties had advanced evidence the non-commital 39 companies were not importing dumped goods.

Glass case precedent

The ministry also cited the precedent set by the High Court of Madras when it accepted the 4% of the soda ash market accounted for by Indian manufacturer DCW Ltd effectively constituted 100% of the market for the same reasons, relating to a writ issued by French glassmaker Saint Gobain.

Investigators agreed to exclude Indian companies Moser Baer and Tata BP Solar from the defeinition of domestic industry after both admitted importing dumped products but dismissed claims there are 90 Indian solar product manufacturers, rather than the 42 mentioned by the original complainants in the case.

Pro-duty complainants described that charge as 'baseless' and said the 42 figure was based on information held by the Indian ministry of new and renewable energy (MNRE).

The thorny question of whether the petitioners should not be considered domestic industry because of their status as Special Economic Zone (SEZ) and Export Oriented Units (OEU) was also debated.

Opponents argued that, as both types of business are constituted as such to focus on exports, they cannot be considered domestic industry. But ministry of commerce officials dismissed the claim, stating such businesses are based in India, manufacture the goods in question in the country and sell them in India, in direct competition with Indian rivals. 

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Egypt looking to boost renewable energy production

The Egyptian government is eager to adopt renewable energies for government buildings, streets and roads and residential areas, according to the country’s minister of finance, Hani Kadri Demian.

Demian said in a statement that the government was seriously looking at employing renewable power, smart lighting and energy saving systems in government buildings but added that the country still needed “a comprehensive vision” that also included streets, roads and residential areas as well as an integrated and contractual system.

Demian stressed that the Finance Ministry was ready to allocate "any funds for any budgets" to finance a national project to develop solar energy as a means of powering lighting systems and to replace fossil fuel "as soon as possible."

During a meeting with Shaaban  Khalaf, head of the New and Renewable Energy Authority, and representatives of the Ministry of Electricity and the Renewable Energy Authority, Demian asked that studies be conducted on the replacement of traditional lighting systems in governmental buildings, public enterprises and on roads with smart lighting systems powered by solar energy as well as the other renewable energy sources that offered increased energy efficiency and overall savings.

The Finance Ministry's plan calls for a public-private partnership that would also see financing for the project from the private sector in return for gaining a portion of the electricity savings. 

Electricity Ministry and Renewable Energy Authority representatives initially asked the Ministry of Finance to provide some EGP 27.8 million (US$3.9 million) in funding to implement the first phase of a solar power installation project for 50 buildings belonging to 15 government ministries.

The government officials are set to hold a  follow-up meeting to discuss the role of the private sector in the country's push for greater renewable energy production and the level of compensation private companies could get if they participate in the financing of clean power projects.

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First Solar sells Macho Springs solar project

First Solar has sold the 50 MWac Macho Springs Solar Power Plant to Southern Company subsidiary Southern Power and Turner Renewable Energy.

El Paso Electric has a 20-year power purchase agreement for all energy generated by the power plant.

The power plant, located on approximately 600 acres (243 hectares) of State Trust land near Deming, New Mexico, is the state's largest solar power plant and will generate enough clean energy to power approximately 18,000 homes in El Paso Electric's service territory. First Solar developed and constructed the project, working closely with the New Mexico State Land Office and El Paso Electric. The plant will operate on a commercial lease from the State Land Office.

Macho Springs is the third project that First Solar has sold to Southern Power and Turner Renewable Energy. Last year Southern Power and Turner bought the 139 MWac Campo Verde Solar Facility in Imperial County, California, and in 2010 the group acquired the 30 MWac Cimarron Solar Project adjacent to Ted Turner's Vermejo Park Ranch in northern New Mexico.

The companies declined to disclose financial details of the deal.

The Macho Springs project will displace more than 40,000 metric tons of carbon dioxide in southern New Mexico and west Texas.

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Europe sitting on 7 GW large-scale PV pipeline, says IHS

Of 29,000 PV projects worldwide, the IHS PV Project Database has found that Europe has 7 GW of projects planned for installation in 2014 and 2015 – with 69% set to be located in the U.K.

Research from the analysts has revealed that the U.K. solar sector is primed for a spectacular PV push over the next 18 months, with the ground-mount sector set to grow by more than 4.8 GW.

Currently, IHS found, the U.K. has more than 130 MW of utility-scale PV capacity under construction across nine projects. However, an additional 681 MW exists in a further 71 projects of 5 MW or more that have been approved planning and financing and are ready to build. Further, 250 utility scale projects are in the pipeline but face a race to be approved permits and PPAs ahead of April 1 2015 – the date that many in the industry fear the U.K. government will completely withdraw its ROC support incentive.

"After July 7 2014, we will know the outcome of the consultation process to revise the support for large-scale PV plants in the U.K. that the Department of Energy & Climate Change (DECC) opened in May," said IHS senior analyst, Josefin Berg. "If the result of the process is a sharp end to the ROC scheme for large-scale solar projects on April 1 2015, we expect a huge rush to beat the deadline and a surge in ground-mount PV installations in the U.K. over the nest nine months.

"Considering that there are more than 4.8 GW of planned projects, as much as 3 GW could be installed through Q1 2015. The U.K. has become the epicenter of Europe’s ground-mount PV activity."

France, Germany, Italy all strong
Elsewhere on the continent, the French PV market has been particularly active for large-scale, with 974 MW of projects at various stages in the pipeline – the majority of which awarded a tariff through public tenders. Of that total, 515 MW were awarded in the first tender for projects larger than 250 kW in 2012, but less than 25% have so far been connected to the grid, while a further 142 MW of projects are under construction.

In Italy, the Conto Energia scheme in 2013 saw the big rush to pre-register most of the country’s large-scale PV projects, while Russia awarded 399 MW of PV projects in tenders in 2013, the first of which are expected to come online next year.

Germany, despite its degressed feed-in tariff (FIT), has 202 MW of ground-mount projects ready for construction before August 1 this year, while for Romania that figure is 215 MW despite the current uncertain policy landscape.

The IHS PV Project Database also reports that an estimated 7.5 GW of planned PV projects are unlikely to ever materialize in Europe due to unfavorable market conditions, with Spain the most wasteful culprit – some 1.5 GW of planned mega-projects in the country have been cancelled. Further stalls have been reported in Romania and Turkey, although the latter is pressing ahead with 600 MW of projects that have been awarded through tenders.

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Solar power primed to meet US energy needs, says SEIA

The Solar Energy Industries Association (SEIA) has this week published a report titled Cutting Carbon Emissions Under §111(d): The case for expanding solar energy in America in preparation for the announcement in June by the Environmental Protection Agency (EPA) of new air quality standards.

Taking a point-by-point analysis of the U.S. solar power industry, the SEIA report presents a detailed case arguing that clean solar energy is primed to enable the U.S. to meet clean air standards and slake the nation's thirst for energy.

The report follows an earlier publication this month of the National Climate Assessment report, which clearly outlined the dangers presented by unchecked climate change, both to the U.S. economy and the environment. Reducing greenhouse gases (GHG) is seen as the most direct, critical measure that states across the U.S. can take in order to comply with the forthcoming EPA emission standards, due June 2. From that date, every state will be required to present a compliance plan, approved by federal regulators, that details carbon-reduction proposals.

SEIA CEO and president, Rhone Resch, believes that solar can be a "real game-changer" for states struggling to reduce their carbon emissions. "We have a very simple message to state regulators: do the math,” Resch said.

"When it comes to greenhouse gas emissions, the 13 GW of solar currently installed in the U.S. generates enough pollution-free electricity to displace 14.2 billion pounds (6.35 billion kg) of coal, or 1.5 billion gallons (5.6 billion liters) of gasoline. Put another way, it's the equivalent of taking 2.7 million passenger cars off U.S. highways each year."

Solar: nice work
The environmental benefits of a shift away from fossil fuels are well documented, but the SEIA has also been keen to stress the economic attractiveness of the solar industry. The SEIA report reveals that the solar industry is the fastest-growing source of renewable energy in the U.S., and employs more than 143,000 Americans. Nearly 30% of all new electric generation capacity installed across the country last year came from solar, said Resch, which was second only to gas.

"All totaled, solar is now generating enough clean, reliable and affordable electricity to effectively power nearly 2.5 million homes," Resch added.

Research published in the report also reveals that solar is a growing presence in many states’ energy mix. In California, for instance, solar power provided 18% of the state’s 22.7 GW of demand, with many other states seeing that percentage share inch upwards with every passing month.

The report also notes: "Solar energy is a solution technology that can provide a cost-effective, economically beneficial and integral part of a state's effort to regulate carbon emissions from the electric sector. Solar’s rapidly falling prices and rapidly growing generating capacity, as well as the volatility of fossil fuel prices, give solar energy the potential to transform compliance with both new carbon emission requirements and other existing requirements under the Clean Air Act."

EPA, the report adds, has begun to recognize that greater carbon reduction measures are required if the U.S. is to achieve its new carbon emission targets, and suggests that solar will contribute more and more to a balanced portfolio of energy resources in the near- and longer-term. "By including solar energy as part of their §111(d) compliance plan, states can cost-effectively meet their Clean Air Act requirements while reaping a wide range of additional benefits," the report concludes.

An example of the proactive measures some states are taking in pushing solar PV growth was found in South Carolina last week when the House voted unanimously to approve a bill making it easier for householders to lease solar panels from third-party companies. "As our electricity rates have gone up and the costs of solar have come down, it’s an attractive proposition for a lot of people and a lot of businesses," said Hamilton Davis, Coastal Conservation League energy director. "But you have got to have your policies right – and South Carolina is now addressing a number of those policies."

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Indian election could see clean energy revolution

Leading figures in India's wind power industry have told news agency Bloomberg they are confident the country's new government will add impetus to renewables development in the nation.

Narendra Modi's centre-right opposition Bharatiya Janata Party (BJP) won a clear majority in the recent marathon general election in India, giving the party a clear mandate for reforming the country's energy market, according to two high-profile figures associated with the wind industry.

Tulsi Tanti, chairman of Pune-based multinational wind developer Suzlon Energy, told Bloomberg he expects BJP prime ministerial candidate Modi to lead the charge for renewables at a federal level as he has done as chief minister of Gujarat state since 2001, introducing the country's first incentives for large-scale solar.

Clean energy revolution

Tanti pointed out Modi had called for a "clean energy revolution" as part of his election campaign.

The Bloomberg report on Friday also quoted Sumant Sinha, CEO of the Gurgaon-based ReNew Power Ventures developer which is majority owned by the U.S. Goldman Sachs Group.

Sinha called for the "announcement of a strong development agenda" by the new prime minister within their first 100 days in office and warned: "people have a lot of expectations from the new government."

What effect the election will have, if any, on the nation's anti-dumping investigation into solar cells made in China, Taiwan, Malaysia and the U.S. is, as yet, unclear.

The Indian Ministry of Commerce has given itself until Thursday to decide whether to impose anti dumping duties – potentially backdated – on the products which it has already found to have caused damage to Indian manufacturers.

 

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PV module shipments to grow 30% in 2014

The module supply will support the PV industry to reaching 50 GW this year, according to NPD Solarbuzz.

The top 20 module suppliers to the photovoltaic industry are guiding an increase in annual shipments of more than 30% this year, according to market research firm NPD Solarbuzz.

Leading Chinese module suppliers Trina Solar, Canadian Solar, ReneSola and Jinko Solar are forecasting the most aggressive growth in shipments during 2014, with the upper-end of guidance exceeding 40%, the company writes in its latest Module Tracker Quarterly report.

"The top-20 module suppliers to the PV industry account for two-thirds of global shipments, and they provide the leading indicators of industry growth and pricing trends," says Ray Lian, senior analyst at NPD Solarbuzz. "Assuming the leading suppliers achieve the forecasted growth rates, end-market demand in 2014 will approach 50 GW."

Yingli Green Energy is expecting the highest shipment volume this year, with the upper end of shipments at 4.2 GW – a level that would result in Yingli topping the annual PV supplier shipment rankings for the third year in a row.

Leading Japanese silicon-based PV module suppliers Sharp Solar and Kyocera are forecasting a 15% increase in shipments in 2014, reflecting continued strength in the Japanese solar market. Sharp Solar and Kyocera command strong shares in their domestic markets, NPD Solarbuzz notes.

"In addition to benefiting from strong shipment growth in 2014, the top 20 module suppliers are also forecast to increase profit margins," Lian adds. "Growth is driven mainly by cost reductions in manufacturing, and lower capital expenditure on new manufacturing plants."

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US adds 584 MW of solar in first quarter, reaches 8.67 GW in March

The United States added 584 MW of installed large-scale solar capacity in the first quarter of 2014, according to a report by the Federal Energy Regulatory Commission’s Office of Energy Projects Energy Infrastructure (OEP).

The U.S. installed 584 MW of new solar capacity in the first quarter of the year, down from 877 MW in the first three months of 2013. The number of new installations connected to the grid fell from 66 a year ago to 47 in the period. Of the total 1,150 MW of new capacity installed between January and March this year, solar accounted for the highest share with 584 MW, followed by wind with 427 MW, natural gas (90 MW) and geothermal steam (30 MW).

In March alone, the U.S. connected nine new large-scale solar plants to the grid with an installed capacity of 151 MW. Total installed operating solar generating capacity reached 8.67 GW last month.

New solar power plants to go online in March included:

• Daniel Farm LLC's 5 MW Daniel Farm Solar project in Davie County, North Carolina (with power generated sold to Duke Energy Carolinas under a long-term contract
• Strata Solar LLC’s 5 MW Roxboro Solar project in Person County, North Carolina (with power generated sold to Progress Energy Carolinas under a long-term contract)
• Ignite Solar Holdings 1 LLC’s 6 MW PSEG Shasta Solar Farm project in Shasta County, California (with power generated sold to Pacific Gas & Electric Co. under a long-term contract)
• OCI Solar Power’s 4 MW Alamo II Solar project in Bexar County, Texas (with power generated sold to CPS Energy under a long-term contract)
• Genesis Solar LLS’s 125 MW Genesis Solar Energy Project Phase 2 in Riverside County, California (with power generated sold to Pacific Gas & Electric under a long-term contract)
• Winchendon Solar LLS’s 2 MW Winchendon Solar project in Worcester County, Massachusetts (with power generated serving the electric demand of the town of Winchendon)

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US adds 584 MW of solar in first quarter, reaches 8.67 GW in March

The United States added 584 MW of installed large-scale solar capacity in the first quarter of 2014, according to a report by the Federal Energy Regulatory Commission’s Office of Energy Projects Energy Infrastructure (OEP).

The U.S. installed 584 MW of new solar capacity in the first quarter of the year, down from 877 MW in the first three months of 2013. The number of new installations connected to the grid fell from 66 a year ago to 47 in the period. Of the total 1,150 MW of new capacity installed between January and March this year, solar accounted for the highest share with 584 MW, followed by wind with 427 MW, natural gas (90 MW) and geothermal steam (30 MW).

In March alone, the U.S. connected nine new large-scale solar plants to the grid with an installed capacity of 151 MW. Total installed operating solar generating capacity reached 8.67 GW last month.

New solar power plants to go online in March included:

• Daniel Farm LLC's 5 MW Daniel Farm Solar project in Davie County, North Carolina (with power generated sold to Duke Energy Carolinas under a long-term contract
• Strata Solar LLC’s 5 MW Roxboro Solar project in Person County, North Carolina (with power generated sold to Progress Energy Carolinas under a long-term contract)
• Ignite Solar Holdings 1 LLC’s 6 MW PSEG Shasta Solar Farm project in Shasta County, California (with power generated sold to Pacific Gas & Electric Co. under a long-term contract)
• OCI Solar Power’s 4 MW Alamo II Solar project in Bexar County, Texas (with power generated sold to CPS Energy under a long-term contract)
• Genesis Solar LLS’s 125 MW Genesis Solar Energy Project Phase 2 in Riverside County, California (with power generated sold to Pacific Gas & Electric under a long-term contract)
• Winchendon Solar LLS’s 2 MW Winchendon Solar project in Worcester County, Massachusetts (with power generated serving the electric demand of the town of Winchendon)

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Global clean energy investment up 10% in first quarter

A 42% increase in small-scale solar investment in the first quarter of 2014 has helped the global renewable energy sector grow rapidly, according to the latest research from Bloomberg New Energy Finance (BNEF).

Worldwide, investment in clean energy grew by 10% in the first quarter of the year when compared to Q1 2013, reaching $47.7 billion. Although lower than the $58.1 billion invested in the final quarter of last year, the year-on-year increase is a solid indicator that the sector is growing exponentially.

Ongoing support for small-scale solar in the U.S. and Japan was fuelled by a raft of households and small businesses taking advantage of continuously low system prices in the PV sector that have made the industry a more attractive proposition, said the analysts.

"It is too early to say definitively that 2013 was the low point for clean energy investment worldwide and that 2014 will show a rebound, but the first-quarter numbers are encouraging," said BNEF’s chairman of the advisory board, Michael Liebrich. "Two trends in particular are worth picking out – the increasing share of small-scale solar in overall investment, following a 50%-plus improvement in PV’s levelized cost of electricity per MW over the last four years; and the geographical expansion of investment to more and more emerging economies. In Q1, we saw two of the top four asset finance deals happening in Indonesia and Kenya."

Of the combined $47.7 billion total, $12.1 billion was invested in Asia and Oceania (excluding China and India), representing a healthy 26% increase in clean energy investment year-on-year, with Japan's solar strength playing a huge part in this growth. The largest increase in clean energy investment by country was in Brazil – which enjoyed a 211% increase – and the U.S., which posted a gain of 95% year-on-year ($7.9 billion). Investment was also robust in the Middle East and Africa; regions that saw an 82% increase to $2.4 billion.

However, investment in the Americas (excluding the U.S. and Brazil) was down by 11%, with just $2.1 billion invested in Q1, as well as Europe, where clean energy spending contracted by 30% to $11.1 billion. China led the way in terms of overall clean energy investment, plowing a further $9.9 billion into the sector in the first quarter of this year – an increase of 18% on 2013.

Small-scale solar leading way
Broken down by energy category, it was solar PV – specifically investments in solar projects of 1 MW and under – that led the way. Total investments in this sector rose to $21.1 billion in Q1 2014 – a figure that represents a 42% rise year-on-year.

Public markets investment in specialist clean energy companies also grew strongly, increasing by 195% to reach $3.6 billion, although venture capital (VC) and private equity spending fell by 26% to just $1.2 billion in the first quarter, according to BNEF.

For the solar sector overall, investment increased by 23% to $27.5 billion, while spending on wind power fell by 16% to $13.9 billion – a notable turnaround in the space of just a few years, with solar power now the leading source of clean energy investment in the world.

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