Global solar PV additions to rise to 110 GW in 2020: Platts Analytics

21/02/2020 09:26 Solar

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Global solar photovoltaic capacity additions are set to rebound in 2020, but thereafter annual growth could stall, according to a report released by S&P Global Platts Analytics.

The report forecasts global additions of 110 GW this year, an increase of 10% compared with 2019.

 

Analyzing some 60 GW of solar auctions in 2019, the report puts the weighted average of results around the mid-$40s/MWh, with "caution required" when considering record-low bids amid signs of "fierce competition among developers," especially for utility-scale projects.

 

China continues to dominate the market both in terms of domestic installations and manufacturing, the report said.

 

In 2019, installations plunged to 30 GW after a sharp cut in subsidies was announced in May 2018, but picked up towards the end of last year, with 14 GW of capacity added in the final quarter.

 

A rebound for solar in Europe is also expected despite a more conservative forecast for the region, it said.

 

Increasing tender activity, interest in power purchase agreements, together with lower module prices, "have enabled a new solar renaissance," according to the report, which adds that utility-scale investments look set to remain solid, although Platts Analytics says there are uncertainties over the growth in France and Italy.

Source: spglobal.com

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