capacity additions

The world is on pace to add 593GW of new solar power capacity in 2024, a 29% increase over the capacity added in 2023.

A report from American Clean Power Association shows that Texas has nearly 22GW of installed solar PV capacity after adding 1.6GW in Q2 2024.

In its 3Q 2024 Global PV Market Outlook, the commodity market research firm BNEF has revised its target for solar PV additions in 2024 to reach 592GW.

India’s cumulative installed solar capacity stood at 87.2GW by the end of June 2024 and accounts for 19.5% of all power capacity installed.

According to data from the US Energy Information Administration (EIA) latest report “Preliminary Monthly Electric Generator Inventory”, solar PV accounted for 59% of all additions.

India added around 12.2GW of new solar capacity in the first half of the year, according to figures from JMK Research.

Egypt aims to accelerate the approval process for new renewables capacity to be constructed in the country.

Germany has been consistently adding over 1GW of solar PV capacity every month since March 2023, and has passed a total of 90GW capacity.

IRENA has found that the world’s renewable power capacity will need to increase by 16.4%, year-on-year, to meet the world’s climate targets.

The Chinese Ministry of Industry and Information Technology (MIIT) has issued a draft rule raising the minimum capital ratio for solar PV manufacturing projects to 30%.