Statkraft predicts ‘significantly’ more solar PV in Europe following Ukraine invasion

Statkraft’s latest report raised the EU’s yearly solar PV installs from 33GW to 45-52GW since the Ukraine war. Image: Enlight Renewable Energy.

Europe solar’s annual capacity will “significantly” increase after the invasion of Ukraine, according to a report from energy giant Stakraft.

The company’s latest Low Emissions Scenario estimates that solar PV installs will rise to 45-52GW per year towards 2030, up from previous analysis expecting 33GW per year before Russia’s invasion of Ukraine.

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

Last year the European Union installed 27GW of solar PV, with trade body SolarPower Europe expecting the EU to reach nearly 40GW in 2022, near Statkraft’s revised targets for the coming years.

Unlike wind power, Statkraft’s report expects solar power installation to be in line with the REPowerEU target to reach 600GW of solar PV by the end of the decade and thus installing approximately 45GW per year.

Wind meanwhile is projected to reach annual installations between around 18GW-26GW, well short of the REPowerEU’s targeted 32GW a year.

Moreover, solar power has been asserted as the “crucial” renewable technology to reduce the EU’s dependence on Russian gas and reduce its emissions.

The company’s Low Emissions Scenario outlines that solar will become the world’s largest source of power generation around 2035, while renewable energy will account for almost 80% of the world’s total power generation in 2050.

Furthermore, solar power will become the largest energy source, producing more than 21,000TWh, equivalent to today’s 80% of the world’s power demand.

“In this year’s analysis, we show that the energy crisis we currently face eventually could become a catalyst for the green energy transition. The main solution to obtaining energy security and independence is to develop clean and efficient energy at a higher pace than before,” said Christian Rynning-Tønnesen, CEO at Statkraft.

Fighting the climate crisis and solving the ongoing energy crisis have the same solution, which is more renewable energy and more efficient energy use, added Rynning-Tønnesen.

Thus the increased use of renewable energy combined with technological solutions aimed at giving a bigger flexibility, such as energy storage will help balance the intermittency of solar and wind power.

4 June 2024
London, UK
UK Solar Summit 2024 will look at the role solar currently plays in the energy mix, how this will change over the coming years and how this aligns with net-zero and other government targets. We will break down all these challenges and help build up solutions through discursive panels, motivational keynotes and case studies, with newly added interactive sessions to get you moving and meeting your peers, making the connections you need to boost your business.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
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

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2024
Sydney, Australia
Solar Media Events
May 21, 2024
Napa, USA
Solar Media Events
May 22, 2024
London, UK
Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)