China outstrips Germany to become world's biggest solar market

BEIJING, Aug. 11, 2014 /PRNewswire/ - Hanergy Holding Group (Hanergy) and China New Energy Chamber of Commerce ("CNECC"), today issued the Global Renewable Energy Report 2014. The report found that China became the world's biggest market for solar power in 2013, with the country's newly installed photovoltaic generating capacity jumping 232% on-year to 12 gigawatts (GW).

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Key findings include:

• The global solar market is shifting from Europe to Asia. China's newly installed solar capacity grew 232% year-on-year in 2013 to 12GW, whereas Germany's newly installed capacity fell 56.5% to 3.3GW and Italy's dropped 55% year-on-year to 1.6GW.
• Financing activity reflects this shift. China accounted for the largest proportion of global solar industry financing at $23.56bn, equivalent to the entire amount raised in Europe.
• The growth of the solar industry continues to accelerate. Globally, newly installed solar capacity reached 38.7GW, bringing the global total of installed capacity to 140.6GW in 2013, compared with 101.9GW in 2012.
• The shift from fossil fuel to renewable energy continues. Total global power generation grew 4.3% from the previous year, to 22513.8 terawatt-hours (TWh), while renewable energy power generation grew at 13% per annum, accounting for 5.2% of the world's total output.
• Global production of thin-film solar cell was about 4GW in 2013, up 20% from 2012. Many thin-film solar companies expanded capacity in 2013 and sought out diversified markets, achieving economies of scale through global mergers and acquisitions and upgrading production line technology.

"Our research shows that China has already become the world's biggest solar market. Now the country is moving to a more green and sustainable model of development which will drive future global growth in renewable energy," Chairman and CEO of Hanergy & President of the China New Energy Chamber of Commerce, Li Hejun said.

"Governments are turning to greater use of renewable energy to tackle pollution and deliver energy security, underpinning growth momentum in the global renewable energy industry," he added.

The Global Renewable Energy Report drew on data from Bloomberg New Energy Finance, GlobalData and Hanergy and CNECC's own research teams. Data from the International Energy Bureau, China Electricity Council, US Energy Information Administration, the Global Wind Energy Council, the Global Hydropower Association and the International Geothermal Association were also used.

The full report can be downloaded free of charge from Hanergy's website: http://www.hanergy.com/en/upload/contents/2014/07/53bfa4772d9f6.pdf

About Hanergy Holding Group Ltd.

Hanergy Holding Group Ltd. ("Hanergy") is a global clean-energy power generation company and the world's largest thin-film solar company and solutions provider. Hanergy engages in the integration of the entire photovoltaic industry chain, covering R&D, high-end equipment manufacturing, PV module production and the construction of photovoltaic power plants. Hanergy possesses industry-leading CIGS thin-film PV technology and has the world's largest production capacity of thin-film modules. To date, the company has entered into solar-power plant construction agreements with a combined capacity of approximately 10GW. Its business also covers hydropower and wind power. Headquartered in Beijing and with operations across China, the Asia Pacific, North America and Europe etc., Hanergy employs over 10 000 people.

Source: Hanergy Holding Group Ltd.