Solar industry companies are set for a “boom” as falling costs make harnessing the sun’s energy a more competitive alternative, according to Norwegian fund manager Skagen AS. “We now have a situation where solar is competitive with traditional energy in the grid or off the grid,” Geir Tjetland, who helps manage the 960 million-euro ($1.3 billion) Skagen Vekst (STVEKST) fund, said in an interview in Stavanger yesterday. “About 0.4 to 0.5 percent of all energy consumed is solar. This will grow a lot in the next five to 10 years.” The industry is recovering from a two-year battering that was triggered by a slump in prices and industry overcapacity just as European governments reduced subsidies because of slowing economic growth. That led to sharp declines in the industry’s biggest companies, including GCL-Poly Energy Holdings Ltd. (3800), and REC Silicon ASA. GCL-Poly has climbed 32 percent over the past year, REC Silicon has surged 278 percent. The benchmark BI Global Large Solar Energy Index of 15 manufacturers, which slumped 87 percent from a February 2011 peak through November 2012, has rallied more than fourfold from its trough.
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