Energy production through renewable energy sources has become an essential target for the international energy market. In particular:

• Global energy market trends shift towards Renewable Energy Sources, aiming at decreasing greenhouse gas (GHG) emissions and diverting from the political and financial instabilities associated with traditional energy sources. Increasing demand for electricity production via large photovoltaic (PV) installations (‘photovoltaic’ or ‘solar parks’) is one of the factors decisively changing the international energy market.
• Annual sales of renewable energy internationally have grown by 39% in one year, from $40 billion in 2005 to $55 billion in 2006. Only the solar energy share is estimated to reach $69 billion in 2016 from $15.6 billion in 2006*.
• EU directives aim to increase the share of green electricity from 14% to 22% by 2010, with a predicted 45% annual growth until 2010, and 21% thereafter until 2020. The explosive growth predicted by the European Photovoltaic Industry Association (EPIA) is summarized in the following figure (showing 45% annual growth up until 2010, and 21% thereafter until 2020). 




      Fig. 1 Forecast growth for the European Photovoltaic Market



• US-based venture capital investments on energy technologies tripled from $917 million (2005) to $2.4 billion (2006), increasing from 4.2% (2005) to 9.4% (2006) of the total venture capital investments. In the last seven years, venture capital investments in energy technologies have increased from less than 1% of the total venture capital investments to nearly 10%. Similar have been the trends in Europe, where the venture capital invested on PV technologies alone is approximately €250 million per year.
• Numerous investment incentives are being pushed forward by the EU and the relevant directives across all EU members. Italy, Spain, Portugal, Germany, France, Greece and Bulgaria, among other EU countries, have been mandated by law a “feed-in” tariff system in an attempt to increase their installed photovoltaic capacity. In this respect, VioSolar Inc. will be concentrating on Greece, Italy, Spain & Portugal, as well as France, Bulgaria and Romania.
• Greece as well is supporting the growth of this new rising industry. In particular, a very attractive investment framework, concerning both the photovoltaic parks and the high-tech manufacturing plant, has been lately introduced. Additionally, investors may apply for a government grant, which could cover up to 40% of the total investment in the case of the photovoltaic parks.

*Source: Clean Edge Inc