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Wind power hit by crisis

Barry Healy

7 February 2009

The international economic crisis has plunged a knife into the growth of wind-generated electricity in Europe.

Before the crisis, the annual rate of increase was between 30-40%, now the largest producer of wind turbines in the world, Denmark’s LM Glasfiber, has laid off hundreds of workers and smaller manufacturers are following suit.

According to a senior EU financing official, quoted in the February 5 EUObserver, the problem is banks’ reluctance to lend money for wind projects.

“The problems lie especially with those who have to go to the project finance market — the commercial banks — to find the money”, the official said.

“But it’s not all projects — the big utilities, who have lots of cash themselves, won’t be as affected. It’s having an impact on the sector, and frankly I don’t understand it.”