‘Investment in solar power projects to double by 2015′

NEW DELHI - With investment in solar power projects expected to double in the next five years, photovoltaics could account for nine percent of the global power demand by 2030, according to a study released here Wednesday.

Photovoltaics (PV) is a method of generating electrical power by converting solar radiation into direct current electricity using semiconductors.

The study by the European Photovoltaic Industry Association (EPIA) and environment protection group Greenpeace International said that investment in solar projects will increase from Rs.215 billion (around $4,800 million) today to Rs.430 billion ($9,600 million) in 2015.

“Solar photovoltaic is a key technology to combat climate change and to secure access to clean electricity. By 2015, the global market could be twice as big as today, leading to a Rs.430 billion investment. Our goal is to make solar photovoltaic a mainstream power source through more supportive policies around the world,” said Sven Teske, senior energy expert at Greenpeace International.

Current solar PV global capacity could grow from 23 GW at the beginning of 2010 to 180 GW by 2015, according to the report.

“Solar power can make a massive contribution to global electricity supply, especially in developing countries. By 2030, over 2.5 billion people could benefit from solar energy, but we need political commitment to make this happen,” said Ingmar Wilhelm, president of EPIA.

The report said that over 1,800 GW of PV could be installed by 2030 and this would save as much as 1.4 billion tonnes in carbon dioxide emissions every year.