SolarPower Europe and EIT InnoEnergy have launched the European Solar Initiative to capture the anticipated solar PV boom over the next decade.
The industry-led initiative with the support of the European Commission is aimed to scale up a strong PV manufacturing industry in Europe across the entire value chain from raw materials to recycling.
An additional 20GW of annual solar demand in Europe is forecast for the next decade. This is expected to generate €40 billion (US$48 billion) of GDP annually and create 400,000 new direct and indirect jobs across the PV value chain.
“As the lowest cost and most job-intensive renewable technology, solar is poised to deliver the goals of the European Green Deal and Green Recovery,” says Walburga Hemetsberger, CEO of SolarPower Europe.
“The momentum is building to scale up manufacturing activities in the EU, based on the strong domestic market uptake confirmed in 2020.”
The European Solar Initiative draws on the ecosystem of solar PV players created over the years by SolarPower Europe and the experience of its Solar Manufacturing Accelerator as well as the blueprint of the European Battery Alliance, led by EIT InnoEnergy.
The Battery Alliance’s Business Investment Platform (BIP) was designed to accelerate transactions between investee and investor across the value chain by reducing the risks for the respective parties and shortening the time to investment.
“Enabling strategic value chains which accelerate the energy transition is at the core of EIT InnoEnergy’s mission,” adds Diego Pavia, CEO of EIT InnoEnergy.
“The mix of national energy and climate plan demand, low cost of capital, notable successes in European technology development and a return of investment into the sector has created fertile ground for a rebirth of European PV.”
The initiative is EIT InnoEnergy’s third after the Battery Alliance, as well as the European Green Hydrogen Acceleration Centre (EGHAC), which was formed in October 2020.
The Solar Manufacturing Accelerator was launched in May 2020 as a platform to support solar project development with partner and investor identification.
The Solar Business Investment Platform is open to project developers and public and private financing institutions.