An increase in shipping times and freight rates due to violence in the Red Sea could carry implications for renewable energy and solar products heading to Europe and the US.
US solar tracker manufacturer Nextracker has seen high deliveries in its US business with a 70% year-on-year increase in the third quarter of its fiscal year 2024, driving 38% quarterly revenue growth.
In 2023, a collective US$1.8 trillion went towards energy transition technologies and their supply chains, including solar PV and other renewable generation, grids, electrified transport and clean tech factories.
Two solar PV plants have been installed in gold mines in the Democratic Republic of Congo (DRC) and Mongolia to supply clean energy to their operations.
Indian conglomerate Larsen & Toubro has been contracted to build a 1.8GWac solar PV project as part of Dubai's Mohammed bin Rashid Al Maktoum Solar Park.
