Solar venture investments hit a three-year low in the second quarter, the Cleantech Group said Wednesday. According to Brian Fan, senior director of research for the group, solar startups in North America, Europe, China and India raised a total of only $113.8 million for the quarter, which is down 7 percent from $365.7 million in the first quarter and down 86 percent from $834.7 million in the year-ago quarter.

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At first glance, the latest numbers from the Cleantech Group look like terrific news. After all, they conclude that 2008 was a record year for cleantech investments, with venture deals in North America, Europe, Israel, China and India reaching a total of $8.4 billion, up 38 percent from $6.1 billion in 2007.

But most of that money was dealt out in the first three quarters, with investment slowing significantly – as expected – in the fourth quarter.

According to preliminary numbers, venture capitalists in these regions committed $1.7 billion in 99 deals in the fourth quarter, down 35 percent from the third quarter and 4 percent from the fourth quarter of 2007. In North America, by far the biggest venture-capital region, fourth-quarter investments totaled $1.14 billion, a decrease of 38 percent from $1.83 billion in the third quarter and of 5.8 percent from $1.21 billion in the last quarter of 2007.

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