Renewables forecasts for 2010 gloomy
Forex Yard reports that the plunge in business in renewable energy in 2009 will be difficult to pull up this year. Two of Europe’s premier renewable energy groups, wind turbine maker Vestas and solar energy firm REC, were among those hit by the global weakening of economies the previous year. Project financing woes and fierce competition afflicted the wind turbine market while one-off subsidy cuts in the German market hit European solar firm, contrasting with the low-cost, high-subsidy benefits enjoyed by Chinese counterparts. Predictions for the two markets vary, with wind turbine surge in late 2010, and a high demand for solar products in first half of the year.