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The Investment in Solar Soars Last Quarter

published: 2010-07-05 15:14

The solar energy industry is continuing to command the attention of venture capital investors, judging from the latest quarterly data released by the Cleantech Group.

In its latest report, the Cleantech Group said that total venture investments in clean energy amounted to $2.02 billion in the second quarter, with 140 companies raising funds. This amount was up 43 percent from the same time last year, and did not significantly change from the previous quarter.

Richard Youngman, head of global research at the Cleantech Group, said that "the resurgence of solar" has played a role in keeping the venture investment figures strong. He also noted that the latest investment figures for the first half of 2010 are comparable to the record $4.04 billion raised during the first two quarters of 2008.

"Major U.S. utilities are increasing direct investments in wind and solar due to improving cost scenarios, favorable tax credits and incentives, and evolving pressure to meet Renewable Portfolio Standards," added Scott Smith of Deloitte & Touche, LLP.

In the latest quarter, solar energy led the way with $811 million in investments, followed by biofuels, which raised $302 million, and smart grid technologies, which raised $256 million.

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