As Italy becomes the latest European government to consider changing its solar subsidies, ministers should pay attention to today’s report into green investment from the Pew Environment Group.
The report looked like good news for European governments. Private investment into renewables in the European region totalled $94.4bn, about $20bn more than in 2009, and more than any other world region.
Germany and Italy both surged, with more than 100 per cent growth in investment in small-scale solar installations.
Jeffrey Immelt just can’t stop buying. Today, he announced GE would pay $3.2bn for 90 per cent of Converteam, the French business that used to be Alstom Power Generation.
Converteam make equipment to convert renewable power into “grid-quality” electricity, and according to GE, its sales rose 36 per cent last year.
This now takes GE’s spending on energy acquisitions since October to over $11bn after the purchases of Dresser, Wellstream, Lineage Power and the well support unit of John Wood Group.
GE’s shareholders don’t seem too perturbed by the deal: its shares barely moved in pre-market trade – although that might change when the opening bell rings.