SHANGHAI: Germany-based Conergy AG, a leading solar energy company in Europe, is looking to tap China's nascent renewable energy market as the nation charts out an ambitious plan for clean energy.

Along with its flagship company SunTechnics, also a renewable energy solutions provider, Conergy launched its China business office on Monday in Shanghai, which will act as the "focal point" for its activities to develop the market in China.

The company estimates that by 2015, renewable energy will evolve into a market of over $300 billion across the world, with much of it coming from China as the country needs more energy supplies to support its breakneck economic growth.

The combination of policies and energy trends point to an increasing demand for renewable energy solutions and business potential for Conergy Group in China, said Vedat Guergeli, managing director of Conergy Asia-Pacific operations.

"The Chinese government is putting strong emphasis on urban sustainable development," he said.

With a growth rate of more than 30 percent annually, the Asian market for renewable energy is one of the most promising in the world, with China being an important part of that growth.

Conventional power generation capacities alone won't be able to keep pace with the fast economic growth and rising energy demand. According to the government, electricity generated by renewable energy will become a significant alternative, contributing over 15 percent by 2020 to the country's supply and 30 percent by 2040.

Large-scale construction projects in the future will be realized with solar energy and grid-connected photovoltaic installations, which the company provides.

"Building integrated photovoltaic technology (BIPV), which integrates the solar module aesthetically into the building's facade, is particularly well-suited for China's fast-growing cities that will be showcased during the Beijing Olympics and EXPO 2010," Guergeli said.

"We have seen our revenue double each year between 2003 and 2005," said Matthew Thornington, regional head of Conergy's Asia-Pacific operations. "We expect the 2007 revenue to be over 1 billion euros."

Since last June, the company has been rapidly expanding across Asia-Pacific and now has offices in Singapore, South Korea, India, Australia, Thailand and Malaysia.

Source: China Daily