Offshore wind drives clean energy spending up in Q3 2010 - Bloomberg

(ADPnews) - Oct 14, 2010 - Private investment in clean energy projects went up by 11% on the year to USD 37.9 billion (EUR 27bn) in the third quarter of 2010 , driven by a rise in financing for offshore wind developments, London-based Bloomberg New Energy Finance writes.

Loans and equity in the sector stood at USD 33.9 billion in the second quarter of 2010.

Bloomberg expects clean energy investment to reach USD 200 billion by the end of the year, if government spending is included. Governments all over the world are promoting solar and wind power, seeking to cut greenhouse gas emissions. In the coming 10 years, Germany intends to scale down gas emissions by 40%, while China is to invest some CNY 5 trillion in the green energy sector.

"The latest hot spot is infrastructure spending for North Sea offshore wind," according to New Energy Finance CEO Michael Liebreich. Billions are being poured in the area and it is only the beginning, he added.

Asset spending for the quarter hit a record of USD 32.8 billion, of which USD 1.9 billion went for cables to link wind generators in the North Sea to Germany. In addition, China poured USD 13.5 billion primarily in wind turbines.

In 2009, clean energy investment stood at USD 162 billion, down from USD 173 billion in 2008.

(USD 1 = EUR 0.710)

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