"Never at a European wind energy conference has the participation of the financial sector been stronger than at EWEC 2008 in Brussels." Windpower Monthly

Organised for the first time at EWEC 2008, the Wind Energy Finance Forum included a series of informed contributions from financial and business experts in the framework of five high quality sessions on finance and economics.

The overall conclusion that can be drawn from the forum’s sessions was that, although very large sums of money are required to support the industry in its next phase of expansion, the finance will be made available because wind energy’s prospects are so strong and positive. Indeed, one session highlighted the economic benefits of wind, including employment, rural development, increased energy independence and reduced electricity prices. This final point was emphasised by several speakers, including Rune Moesgaard of the Danish Wind Industry Association, who asserted that wind energy “can deliver a reduction in spot electricity prices to the consumer that is seldom recognised.”

Public investment in the wind energy industry is “pretty substantial, and growing very rapidly,” according to session chair Michael Liebriech of New Energy Finance. Despite this strong ongoing growth, risk was inevitably on the agenda as well. The potential volatility of support systems, the capital intensity of wind farm construction and the long term ability of the industry to lower its costs are all issues which must be addressed if investor confidence is to be maintained. Such risks, however, were generally agreed to be both manageable and limited, with a positive outlook predicted for wind energy markets.

“Paradoxically, the credit crunch highlights the attractions of the renewables sector as a place for finance. As the world deals with climate change, returns are often government-backed and underpinned by rising oil prices, and market growth is increasingly driven by regulatory support.” Jonathan Johns, Ernst & Young, UK

“It is exciting to see the industry grow so fast whilst maturing and innovating at the same time. The openness with which we discuss issues related to financing wind is remarkable. And there is always something new just around the corner.” Klaus Rave, Investitionsbank Schleswig-Holstein, Germany