Wind sector set to ride out turbulence

The economics of wind energy may be shakier, given falling energy prices and a tight credit environment, but the need for countries to meet tough renewable-energy targets should help the industry ride the downturn

Fincancing for wind-power projects is increasingly hard to come by. Leading turbine manufacturers are under-performing the market and corporate-growth forecasts are being slashed. But market participants and analysts remain optimistic about the wind-energy sector's long-term prospects. They argue that wind's pivotal role in meeting global renewable-energy targets will help the sector to maintain momentum and that any reductions in growth prospects must be seen in the context of the rampant expansion of wind projects over recent years. Global wind power capacity totalled 120 gigawatts (GW) by the end of 2008, a rise of more than 27% over the year, according to the World Wind Energy Associatio