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Mon Jan 16, 2012, 07:24 PM

Renewable energy investments worldwide set record high in 2011


A report from Bloomberg New Energy Finance said that a sluggish economy did not hamper investments in renewable energy projects, (solar power, wind energy and geothermal energy).

Investments in renewable energy rise 5% in 2011 to $260 billion. Global investment in clean energy (wind power, geothermal energy and solar energy) reached a new record of $260 billion in 2011, up 5% on 2010 and almost five times the total of $53.6 billion in 2004.

Photovoltaic solar energy has approached competitiveness with other sources. This includes USD 354 million invested in the 92.5 MW Hanas Ningxia Yanchi Gaoshawo concentrating solar thermal power (CSP) plant in China.

"The cost of PV technology has fallen, but the volume of PV sold has increased by a much greater factor as it approached competitiveness with other sources of power.

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