Floating solar on the rise globally, significant synergies with pumped hydro storage set to emerge

Facebook
Twitter
LinkedIn
Reddit
Email
Floating solar. Image: Sembcorp Industries.

Floating solar installations continue to grow globally, with Asia set to lead the way in the next decade, which presents significant opportunities for its combination with pumped hydro storage, according to a Fitch Solutions report.

In December 2020, there were 16 floating solar projects registered in Fitch Solutions’ Key Projects Database (KPD). This has now strengthened to 22 projects, up 37.5%, with an expected total installed capacity of 10GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Moreover, 2021 saw a series of floating solar installations coming online. Most of these developments are located in Asia, such as the 320MW Huaneng Power International in Shandong province, China and a 45MW project commissioned by the Electricity Generating Authority of Thailand, which plans to progress with 15 more hydro-floating solar hybrid projects, with a combined installed capacity of 2,725MW.

“With these developments, we believe that Asia will be the leading region for the installation of floating solar installations over the coming 10 years,” said the report, adding that the expertise needed to install and operate such sites will be weighted in favour of Asian countries.

Solar capacity growth by region, GW, Global Growth and % year-on-year. Source: Fitch Solutions.

Fitch Solutions expect markets with land constraints to utilise nearshore coastal areas and reservoirs for floating solar, while markets with access to hydropower will also turn to floating solar as means to balance out a lack of hydropower during dry seasons, said the report. This would “pose upside risks to the hydro-electric pumped storage output growth.”  

The report said the projected growth in floating PV will pose significant benefits to the hydro-electric pumped storage sector given the synergies between the two technologies – solar power can compensate for the lack of hydropower generation during dry seasons and vice versa.

Under this combination, solar power could be used to power pumps at hydro-electric pumped storage facilities to store water for power generation at a later time. Essentially, “hydro-electric pumped storage would work as a battery storage system for intermittent solar power,” said the report.

The last edition of PV Tech Power featured an article by floating solar company Sunseap that explored the rise of floating solar and some of the advantages the technology can bring. It can be accessed here.

Read Next

October 6, 2025
An expert panel has identified a series of grid failures that led to April's unprecedented power outage in Spain and Portugal, ruling out renewables as the leading cause.
October 1, 2025
Adding 32GW of new solar to Thailand’s power generation deployment targets could cut power generation costs by as much as US$1.8 billion.
Premium
September 24, 2025
European geopolitical tensions have exploited weaknesses in grid systems, leaving 55% of Europe’s grids vulnerable, according to Ember.
September 24, 2025
Spanish IPP Sonnedix has acquired five solar projects in Sicily and Lazio, Italy, with a combined capacity of 226MW.
September 19, 2025
EdgeMode has acquired a portfolio of data centre assets in Spain, with plans to build a 300MW solar, 1.2GWh storage facility at the sites.
September 8, 2025
A green energy auction in the Philippines has secured 9.4GW of renewable energy capacity subscriptions, of a target of 10.65GW.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland