August 31, 2016 / 1:43 PM / 4 years ago

Total says annual solar market growth to average 50 pct

STAVANGER, Norway, Aug 31 (Reuters) -

* Total’s Bernard Clement, SVP New Energies division, made the following statements at the ONS oil and energy conference on Wednesday:

* “We expect the solar growth to continue at an average pace of 50 percent in the coming decades. Globally that means 2-3 terabyte of capacity to be installed over 20 years, which means 2-3 trillion dollars to be invested. It is a really sizable opportunity.”

* “The engine of this growth is competitiveness, with a lot less need for subsidies.”

* “As of tomorrow a new division of Total will be created which will gather gas, renewable and power assets.”

* “Oil and gas will of course remain the cornerstone of our business, but we believe that renewable and power will weigh up to 20 percent of our global portfolio 20 years from now.”

* On Solar: “We expect the trend of falling prices, technology improvements leading to increased efficiency, to continue. We will soon see very low, if not very, very low, fully integrated PV prices.”

* “One important hurdle remains for the solar market. There is a need for backup. Batteries will be at the heart of the matter.”

* “With the present market penetration the problem is not significant, but it will be an issue when the market grows.”

* “However, we will be surprised if no breakthrough will happen in the market within the coming years.” (Reporting by Joachim Dagenborg, editing by Terje Solsvik)

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