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Germany looks at tripling of renewable
power output while banks resume financing solar projects
Jan 28, 2009 - Síle Mc Mahon
- Market Watch
Germany
has set a goal to triple its generation of power from
renewable energy sources from the current rate of
15.1% to 47% by 2020, according to a Reuters report
today.
Dietmar Schuetz, President of the German Renewable
Energy Federation (BEE) anticipates that the renewable
energy sector could provide 278TWh of electricity
in 2020, compared to 93TWh in 2008, as long as there
is a favourable political climate for the industry.
"Energy from wind, biomass, hydro, solar and geothermal
sources will be the overriding element of our power
supply,” said Mr. Schuetz. "We will be turning power
production upside down. Conventional power plants
will complement the supply only on request. Fuel imports
and carbon dioxide emissions will be cut."
![](Andreas_Haenel_PhoenixSolar_100.jpg) |
Andreas Haenel, Phoenix Solar |
This news was complemented by a report from Barclays
Capital Solar that hinted at a loosening of purse
strings on the part of German banks. The report cited
Phoenix Solar’s CEO Dr. Andreas Hänel’s (pictured)
comments in an interview published by Bloomberg today
that suggested that German banks are resuming offering
financing for solar plants.
Phoenix Solar has entered discussions with several
German banks and large lenders to obtain funding for
its future plans. The company has claimed that not
only have the banks resumed lending, but they have
also reviewed the size of installation for which they
will grant loans and will now provide funding for
plants up to 1MW. These plants can cost around €3
million, 75% of which would be externally financed.
The company anticipates declines in solar ASPs of
as much as 15%, and sees Germany, France, Belgium,
Italy and Greece as the market leaders for the year
to come. France and Greece appear to be the location
of choice for larger installations, according to the
report.
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