Wind and solar: the ethical investments to avoid | Money | The Guardian

Renewable energy has turned sour for ethical investors, with wind and solar among the worst-performing stocks
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Solar panel manufacturers have also burnt a hole in investors' pockets. Look at SunTech, the world's biggest maker of PV (photovoltaic) panels, based in Wuxi, China. Its private equity backers (notably Goldman Sachs) made a fortune when it listed on the New York Stock Exchange in 2005, making well over 10 times their original investment. So did the people who bought at the initial share launch, with the shares shooting from $20 to $79 in late 2007. And today? They are changing hands at just 92 cents. First Solar, another one-time darling of Nasdaq, collapsed from $308 in April 2008 to $23 last week. Solar is an industry awash with overcapacity in China, falling prices and declining government subsidies.

Funds that specialise in renewable energy have fallen a long way short of expectations. Impax Environmental, an investment trust, has lost 20% over the past five years, while BlackRock New Energy investment trust has done even worse, falling 49.9% since 2007. It's a salutary reminder to avoid investment fads and bubbles.

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