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AES Solar Energy Ltd. released financial news on December 30th 2008 of its closure of a €70 million non-recourse debt facility for five of its eight Spain-based photovoltaic projects. Utility-scale solar installer AES Solar Energy Ltd., a joint venture between The AES Corporation and Riverstone Holdings LLC, received the loan extension from UniCredit Mediocredito Centrale of Italy and Rabobank of the Netherlands. The installations also qualify for the regulated tariff of the Spanish Special Regime for renewable projects.

Solar start-up companies accounted for more than half of the $2.5 billion-plus in venture capital investments made in the final quarter of 2008, according to the latest Venture Power Report issued by Greentech Media. Twenty-nine VC rounds in the solar sector were completed during the quarter, for a total of almost $1.336 billion, outpacing the next busiest sector--ethanol/biofuels/gasification--by a wide margin. The report says that investment numbers should stay strong through 2009, with smart grid, energy storage, and energy efficiency applications as areas of likely focus.

With the emergence from stealth mode of a suite of thin-film companies, many U.S.-based, our North American contributing editor Tom Cheyney has been right in the thick of the reporting action all year. His ‘Chip Shots’ blog has proven such a massive hit in 2008 with PV-Tech readers that it is almost impossible to be selective in picking just a few to mention here in this review.

The PV industry has had another explosive growth year in 2008. As is often the case, news in only the last few months of the year have painted the perception that things are turning for the worse as the credit crunch manifested in the U.S. turns into a global economic recession, impacting the growth in the PV sector along the way. When reviewing the top news stories within the ‘Market Watch’ section, it was pleasing to see that there was a balanced mix between ‘good’ and ‘bad’ news that generated the most traffic.

The Japanese Ministry of Economy, Trade and Industry is planning on boosting subsidies for residential solar installations to the tune of approximately US$100 million in the first quarter of 2009, followed by a further US$200 million and more through FY2009, starting in April, Reuters has reported.

Analysts Ernst & Young have presented their figures for investment in the cleantech industry for the first three quarters of 2008. Venture capital investment in cleantech companies reached a record US$4.6 billion for the period, including data from activity in the U.S., Europe, China and Israel. Data from the U.S. and Europe showed increases in energy generation, making investment in solar energy one of the highest sectors in the region. Total investment following seven rounds of financing amounted to €139 million in the solar sector alone.