The paradox of the Spanish photovoltaic sector

2014 marked the consolidation of photovoltaic energy at global level. Beyond its environmental benefits, photovoltaic energy has reached maturity thanks to its economic competitiveness. Well-known investment houses such as Lazard and UBS advise their clients that the new photovoltaic industry, that has reduced its costs by 85% since 2007 to date, has now overtaken nuclear and gas technologies in economic terms. And these costs are expected to continue to fall by about 3% per annum, as could be seen at the I Spanish Solar Forum that took place at the end of 2014.

The change in energy model towards clean energy is already a reality, proof of which can be seen in the fact that the investments made in renewables in 2014 exceeded 300Bn$ worldwide, 16% up on 2013. A recent study published by Bloomberg New Energy Finance highlighted that in 2014 solar accounted for almost half of these investments, the biggest growth in its history. Specifically, 2014 broke a historic record in new installed PV capacity in the world, exceeding 50,000 new MW.

And everything is pointing to the fact that solar power’s trajectory has only just. According to consultants IHS, photovoltaic demand will grow by around 25% in 2015. The International Energy Agency, the entity that has traditionally made downwards forecasts as regards growth in photovoltaic energy, has gone further by predicting that solar will be the main source of energy by 2050, representing 17% of the total energy produced at global level.

José Donoso Alonso
General Manager of UNEF,the Spanish Photovoltaic Union

Article published in: FuturENERGY January-February 2015