Rising demand for green projects in investor portfolios is "broadening the geographic base" of the solar market, with 36 nations set to install more than 1GW of solar by 2029.
Vietnam is set to expand its solar and wind capacity as a supportive regulatory environment and growing investor confidence spur on new project development, according to consultancy Fitch Solutions.
Driven by increased investor interest and a growing project pipeline, utility-scale floating solar installations are set to take off globally over the next few years, a report from Fitch Solutions says.
China’s newly announced ambition to reach carbon neutrality by 2060 and peak carbon emissions before 2030 looks set to spur on investment in solar and battery storage technology, as the country diversifies its power mix away from coal.
Global governments could divert massive amounts of public funds from cancelled, large-scale power generation projects, such as nuclear, towards solar and other renewables to deliver consumers more value for money.
The southeast Asian state's "relatively favourable investment environment," its thriving domestic solar manufacturing industry and "low political, economic and operating risks" will spur solar development, according to Fitch.
Fitch Solutions: Utility-scale growth favoured by competitive bidding will see provinces including Gansu and Xinjiang regain top role they lost to coastal areas in 2016-2018 period.
Fitch: Solid state support will help capacity soar from last year’s 26GW to 105.9GW in 2028, as impact of tariff and tax measures dilute in a few years.
