lookING AHEAD

We are proud to be involved in the process of shaping Europe’s energy market of the future. The solar technology has evolved from its humble beginnings into a multi-billion dollar industry. At the end of 2016, a cumulative total of more than 400 gigawatt (GW) of solar capacity has been installed worldwide – a 4,500% growth over just ten years. The success of solar PV as an energy source can be attributed to its extraordinary learning curve with matching cost reductions throughout its young history. During the past 40 years, each time the capacity doubled, costs dropped by approximately 30%, making solar PV today competitive with conventional electricity sources in many regions worldwide. This development is expected to continue; a current forecast by Bloomberg New Energy Finance (BNEF) foresees that costs for solar PV will come down by another 66% by 2040. Today, renewables in Europe have lower generation costs than new coal or gas power plants. Given the utmost urgency accorded to the global efforts to stop the environmental degradation through ambitious carbon emission targets, the renewables, first and foremost the solar, will assume a primary role in the global transition to cleaner and greener energy in the years and decades to come.