China forecast to install record 230GW of new renewable capacity in 2023

Facebook
Twitter
LinkedIn
Reddit
Email
A 102MW floating PV project in a coal mine subsidence area of China’s Anhui Province. Image: Sungrow Floating

China is on track to install a record 230GW of new solar and wind capacity this year, around treble the capacity installed in the rest of the world, according to a report from Wood Mackenzie.

The report, ‘How China became the global renewables leader’, expects China’s additions to dramatically outpace the 75GW of solar and wind Europe is expected to install this year, and the 40GW of new capacity forecast to be added in the US.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“China announced its 2060 carbon neutral target in 2020 and since then has been quietly re-organising the entire power sector to support rapid electrification and expansion of renewables,” said Alex Whitworth, vice president and head of Asia Pacific power and renewables research at Wood Mackenzie.

“While some other markets are moderating renewables targets, China has pushed up its 2025 wind and solar outlook by 43% or 380GW in just a couple of years.”

The report concludes that direct government support for these installations has been a driving force behind the additions, noting that, between 2021 and 2025, the government has committed US$455 billion for new grid investments alone, with grid availability a key limiting factor in many renewable markets, such as the US.

Wood Mackenzie expects this support to lead to a record-breaking level of new renewable capacity additions this year, up from the 140.6GW added in 2022, as shown in the graph below. China is expected to add as much renewable capacity this year as the total installed renewable capacity in the US in 2017, demonstrating the speed with which China has expanded its renewable power sector.

Graph showing renewable capacity by year in China, Europe and the US. Credit: PV Tech

The news is particularly encouraging for the solar industry, as Wood Mackenzie notes that continued grid investment has pushed the level of solar curtailment in China down to 2% in 2022. This compares to curtailment levels of over 10% in 2020, and investments in infrastructure such as this will be vital if solar is to form a significant part of the country’s energy mix.

However, questions remain as to whether China will be able to replace its fossil fuel capacity with renewables in general, or solar in particular.

China approved 106GW of new coal capacity in 2022, and the government has a total coal pipeline of 200GW of capacity, suggesting that this year’s record-breaking levels of renewable investment will just balance out China’s investment in new coal plants, and that significantly more commitment to renewables will be needed to change the balance of its energy mix.

Chinese companies have invested considerably in module production to support continued growth of the global solar sector, with Wood Mackenzie reporting that the Chinese supply chain alone could meet annual global solar demand by 2032.

However, many of these modules are being sold to Europe, leading to an imbalance in European solar module supply and demand. This has also driven the price of European-made modules to an all-time low, making European manufacturing all but financially unviable, raising questions as to how the global solar supply chain should react to increased production in China.

10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

Premium
June 9, 2025
N-type polysilicon prices have dropped to RMB34,000/ton as the project installation rush ends, putting cost pressure on the industrial chain.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
June 4, 2025
The passage of the 'One Big, Beautiful Bill' could put 330,000 clean energy jobs at risk, and threaten 331 factories with cancellation.
June 4, 2025
Chinese PV module manufacturer Haitai Solar has announced the termination of a 10GW TOPCon and the reallocation of investment to fund an Indonesian facility.
June 3, 2025
GameChange Solar has announced plans to double the capacity of its Saudi Arabia tracker component manufacturing facility to 6GW.
June 2, 2025
Arctech has partnered with ACME Cleantech Solutions to provide 175MW worth of solar trackers for an upcoming facility in Duqm, Oman.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece