The Q3 2023 edition of our downstream solar PV journal, PV Tech Power, is now available to download, leading with a focus on solar in the US, one year on from the Inflation Reduction Act (IRA).
2022 saw the solar PV market enter a ‘new growth dimension’, where 239GW of solar capacity was added across the world representing two thirds of all new renewables capacity.
India added 12.8GW of solar PV in the FY2023, an 8% decrease year-on-year according to JMK Research. 2022 saw the country experience significant module shortages as it strains to build out its domestic manufacturing profile and lessen its dependence on imports from the east.
India needs to issue more renewable energy tenders if it is to meet the government’s target of 450GW of installed capacity by 2030, as the changing preferences of distribution companies have seen less uptake and states have been inconsistent in fulfilling purchase obligations.
Solar energy accounted for over 5% of the total electricity generation in the US in the first 10 months of 2022 as solar output increased 26.23% year-to-date (YTD), according to data released by the US Energy Information Administration.
PV and solar-plus-storage costs have risen year-on-year (YoY) in the US, according to the annual price benchmarking analysis by the National Renewable Energy Laboratory (NREL).
Vietnam remains one of the most attractive destinations of solar finance in South East Asia despite fears of market saturation, but access to capital in the region remains a key hurdle.
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: 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.
