China’s clean energy investments almost double

Chinese firms invested US$18.3 billion in clean energy projects in the second quarter to top other countries.

The amount was 92% higher than the previous quarter. Investments in small-scale projects of less than 1 W showed a marked improvement, rising 13% this quarter.

China has quadrupled its domestic goals for solar installations and has remained the biggest market for wind turbines for several years. These figures underline the key role China plays in the clean energy sector, said Bloomberg Energy Finance.

Worldwide, the clean energy sector received new investments totaling US$59.6 billion, a jump of 24% over the first quarter of 2012. U.S. investments grew 18% to reach US$10.2 billion while European investments increased 11% to hit US$20 billion.

Investments in solar projects soared 19% from the first quarter to US$33.6 billion in the second quarter. Wind project investments increased 47% to US$21.6 billion.

Bloomberg said several large solar photovoltaic and wind projects delivering hundreds of millions of dollars in financing went on-stream during the quarter.

Among these projects are the US$316 million Shanlu & Shengyu Bayannur Wuyuan solar project and the 250 megawatt Phase 2 Guodian Shanxi Qinyuan Taiyue Wind Farm worth $317 million.