Utility-scale PV cheapest power source in Asia Pacific, says WoodMac
Wood Mackenzie says the levelized cost of electricity (LCOE) in the Asia-Pacific region hit an all-time low in 2023, as utility-scale PV beat coal to become the cheapest power source. It predicts a further drop in costs for new-build solar projects, driven by falling module prices and oversupply from China.
BloombergNEF says global solar installations could hit 574 GW this year
BloombergNEF says in a new report that developers deployed 444 GW of new PV capacity throughout the world in 2023. It says new installations could reach 574 GW this year, 627 GW in 2025, and 880 GW in 2030.
The Hydrogen Stream: ReNew begins work on 1.2 mmtpa green ammonia plant in Odisha
ReNew E-Fuels is developing a green ammonia plant with a production capacity of 1.2 mmtpa (million metric tonnes per annum) in the Indian state of Odisha.
Analysts expect more than 50 GW of new US solar in 2024
The US Energy Information Administration (EIA) says that about 45 GW of solar projects above 1 MW (AC) in size will be installed in 2024, while Wood Mackenzie estimates 8 GW of small-scale solar.
Worldwide PV growth set to slow in 2024
The number of PV installations around the world grew by an annual average of 28% between 2019 and 2023, including a 56% jump from 2022 to 2023, according to Wood Mackenzie. Growth is not expected from 2024 to 2028, however.
India will overtake Southeast Asia as the second-largest solar module producer by 2025
A Wood Mackenzie report forecasts China will dominate solar manufacturing through 2026, holding more than 80% of poly, wafer, cell and module manufacturing capacity for the next three years.
WoodMac predicts 270 GW of new global PV capacity in 2023
Wood Mackenzie expects 270 GW of new global PV capacity in 2023, up 33% year on year. However, the annual growth rate is anticipated to fall to 1% in 2024 and to increase again by 5% in 2025.
US solar market expected to triple in size by 2028
The US solar industry had its best first quarter in history as supply chain challenges started to fade, according to the US Solar Market Insight Q2 2023 report.
COP27 was a crucial step forward for hydrogen – here’s why
Three import deals signed by the EU at Sharm El Sheikh during this month’s COP27 summit show the European Union is serious about harnessing green hydrogen for its heavy industry, and about distributing the fruits of the energy transition on an equitable basis.
Solar dominates renewable corporate PPAs in Asia Pacific, says WoodMac
Corporations in the Asia-Pacific region are set to contract a record 7 GW of renewable capacity in 2022, according to a new report by Wood Mackenzie. Solar accounts for 57% of the region’s contracted corporate renewable power purchase agreements (PPAs) to date. India, Australia and Taiwan account for 89% of overall capacity in the region.
