Wind racing the sun

Wind energy investments seem to be neck and neck with the solar market.

This week alone I came across three wind energy investment announcements: Fluor building the world’s largest offshore wind farm in the UK; GreenHunter Wind Energy planning to develop China’s first wind energy project; and Mesa Power LLP also planning to build the world largest wind farm in Texas.

According to a recent clean energy market report from Clean Edge:

  • Wind power is expected to expand from $30.1 billion in 2007 to $83.4 billion in 2017. Last years global wind power installations reached a record 20,000 megawatts (MW), equivalent in size to 20 conventional fossil-fuel power plants.
  • Solar photovoltaics (including modules, system components, and installation), which totaled $20.3 billion last year, will more than triple to $74 billion by 2017. Annual installations in 2007 were just shy of 3,000 MW worldwide.

In the US, a new Energy Bill — the U.S. Renewable Energy and Energy Conservation Tax Act of 2008 — approved by the House and the Clean Energy Tax Stimulus Act of 2008 approved by the Senate are expected to boost more investments in both solar and wind energy, according to this article as well as this article by Before the Bell Publishing LLC.

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