The Strategist

Rystad: Total capacity of solar power plants in China will exceed 1 TW by 2027

09/13/2023 - 14:03

Rystad Energy forecasts that China's solar power plants (SPPs) would have an installed capacity of more than 500 GW by the end of 2023 and 1 TW by the end of 2026.

In 2023, new capacity is anticipated to surpass 150 GW, up from the 87 GW installed in 2022. The estimate is 165 GW in 2024 and 170 GW in 2025. The overall solar energy capacity in China will so surpass 700 GW by 2024 and increase to around 900 GW by the end of 2025.

Chinese power plants now have a combined capacity of 500 GW, which is almost 40% of the global capacity. This metric places the nation at the top of the list, with the US coming in second with 145 GW (or nearly 12% of the worldwide total). The capacity of solar energy in the US as a whole is projected to be at 209 GW (11%) in 2026.

The National Energy Administration of China reports that the first half of 2023 saw investments in solar power plants totaling 134.9 billion yuan ($15.8 billion), which is 3.4 times the amount invested in thermal power over the same time period and the highest amount of any energy source.


< >

Friday, July 12th 2024 - 03:18 BP: demand for oil will peak in 2025