Investments in solar energy grow to US$9.4 billion in 2015 - World Bank

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Energy investments in 2015. Credit: World Bank

Private infrastructure investment in solar energy during 2015 grew to US$9.4 billion, 72% higher than the average of the previous five years, according to new World Bank figures.

Solar also accounted for one quarter of all energy investments last year, as reported by the World Bank Group’s 'Private Participation in Infrastructure Database'.

Fernanda Ruiz Nunez, senior economist, World Bank Group, told PV Tech: “As markets mature and gain experience on renewable energy projects, and in solar in particular, we expect to continue to see solar investments growth, but we do not particularly expect a rapid rise in 2016 for solar projects.”

Nunez added: “Solar energy investments have increased 72% higher than the five-year average, but it is still too early to say that they are breaking away.”

The database reported that renewables overall made up 63% of global investment, up from the five-year average of 44% and signalling greater adoption of wind, which also stood at US$9.4 billion, hydro at US$2.9 billion, and geo-thermal at US$1.3 billion.

The World Bank noted in its report: “Renewable energy continues to make inroads in the energy mix of many developing countries. Solar energy commitments in particular have seen solid gains.”

The database also highlighted South Africa, which secured US$2.4 billion in solar deals, while Morocco, Chile, and China also closed US$4.1 billion combined.

Coal saw the highest investment of non-renewable sources with 19% of the overall share.

Despite the rise of renewables, investments in the overall energy sector still declined significantly to US$37.6 billion from the US$53.5 billion invested in 2014, while electricity generation projects also continued to diminish in both number and investment to US$33.6 billion, down from US$59 billion last year.

Nunez said: “The size of non-renewable projects in terms of capacity and investments is significantly bigger than renewable projects, so this is the reason investments in renewables are growing while overall investments in energy are falling. The deficit in energy in developing countries remains. The increase in renewables is mainly a reflection of countries implementing policies to promote sustainable sources of energy.”

Read Next

December 8, 2021
Mining giant Fortescue is to partner with Australian energy major AGL Energy to examine the potential of repurposing legacy coal assets for renewables-powered green hydrogen facilities.
PV Tech Premium
November 9, 2021
Liam Stoker reports from the halls of COP26, where the likes of US energy secretary Jennifer Granholm and highlighted the need for an all-encompassing but just and equitable energy transition, and explores the role for solar PV.
October 27, 2021
Spanish utility Iberdrola has expanded its investment in renewables and smart grid projects to €7.03 billion (US$8.15 billion) but its net profit suffered, falling 10.2% to €2.4 billion (US$2.78 billion), according to its recent financial results for 2021 release today.  
September 29, 2021
Island Green Power is to develop two solar PV projects totaling over 1GW on former coal power station sites in the UK.
PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.
PV Tech Premium
September 10, 2021
With inaccurate irradiation data potentially impacting profitability estimates of PV projects in Africa, calls have been made for solar players to invest in more accurate measurement tools and work together to support the commercial and industrial (C&I) sector’s growth.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal