PV is one of the fastest growing renewable energy technologies today and is projected to play a major role in global electricity production in the future. Driven by attractive policy incentives (e.g. feed-in tariffs and tax breaks), the global installed PV capacity has multiplied by a factor of 37 in ten years from 1.8 GW in 2000 to 67.4 GW at the end of 2011, a growth rate of 44% per year (EPIA, 2012). New capacity installed in 2011 was 27.7 GW, two-thirds more than the new capacity added in 2010. Assuming an average capacity factor of 0.2 would imply that solar PV in 2011 produced 118 TWh of electrical power.