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India: Investment in renewable energy increasing

The global investment in renewable energy sources in 2007 was estimated to be over $65 billion, up from $55 billion in 2006, a top official of ministry of New and Renewable Energy, said on Monday.

Inaugurating the three-day international conference on Solar Cells, ‘IC-Solace 2008’, V Subramanian, Secretary, Ministry of New and Renewable Energy, said that the current global renewable power capacity was about 1000 GW out of the total installed power capacity of 4300 GW. The share of new renewables in this is 240 GW which is six per cent of the total power capacity, he said. “Solar photovoltaic production in the world during 2007 was estimated to be around 3.8 GW, compared to 1.8 GW in 2005 and 2.5 GW in 2006”, he said adding “today, grid connected solar PV adds upto eight GW with the highest annual growth rate amongst the renewables- over 50%”.

The growth of installed capacity is understandably dominated by countries like Germany, Japan, Spain and Italy to keep their commitments on reduction of green house gas emissions, he said. With a view to develop and demonstrate technical performance of megawatt-size grid interactive solar power generation, the ministry has launched a demonstration program from January this year, he said. This would reduce the cost of solar components and that of power generation in the country. (