GLOBAL MARKETS UPDATE

US Solar PV Installations Grew 9.4 GW During Q2 2024; US Clears 700 MW Solar + 700 MW BESS Project In Nevada; Greece Installed Over 920 MW New PV Capacity In H1 2024. More details in our Global Markets Update Newsletter.

This newsletter provides a comprehensive overview of the latest developments in the solar industry across Asia, Europe, the Americas, and Australia over the past week, highlighting key initiatives and the performance of leading companies.

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EUROPE

Greece Installed Over 920 MW New PV Capacity In H1 2024: The Greek solar PV market grew by 920.5 MW new capacity addition during H1 2024, which expanded its cumulative installed capacity to 8.024 GW at the end of June 2024, The Greek Association of Photovoltaic Companies (HELAPCO) believes this indicates another record year of installation for the country’s solar PV market. New capacity installed during the reporting period increased by 43.7% year-on-year (YoY), almost 10 times that of wind which grew by 97 MW. The growth was majorly led by large-scale systems of more than 1 MW capacity with 580.06 MW. For the complete story, click here.

NORTH AMERICA

US Solar PV Installations Grew 9.4 GW During Q2 2024: The US solar market expanded by 9.4 GW DC of new PV installations, representing a 29% year-on-year (YoY) growth driven by the utility-scale segment, but a 21% quarter-on-quarter (QoQ) decline thanks to weak distributed solar deployments. However, the latest Solar Energy Industries Association (SEIA) and Wood Mackenzie report calls it the largest Q2 capacity addition in US history. In the US Solar Market Insight Q3 2024 report, analysts attribute federal clean energy policies as driving manufacturing as well as deployment growth. As the end of June 2024, the US’ total solar panel manufacturing capacity grew nearly 4 times from 10 GW to 31.3 GW since the IRA was passed. For the complete story, click here.

US Clears 700 MW Solar + 700 MW BESS Project In Nevada: The US Department of the Interior has given its seal of approval to 2 projects that it says will unlock up to 4.7 GW of clean energy in the country. One of these is touted to be the largest solar-plus-battery energy storage system (BESS) in Nevada, and one among the largest such projects in the US. The Libra Solar Project is expected to have an installed solar PV capacity of up to 700 MW AC, accompanied by a BESS of 700 MW/2.8 GWh/day capacity. It will be situated on close to 5,778 acres of public lands managed by the Bureau of Land Management (BLM) in Mineral County of Nevada. Solar modules will be deployed on single-axis horizontal trackers. Proposed by utility-scale solar and wind developer Arevia Power, the Libra project is expected to generate 1,948,000 MWh when it is commissioned by the end of 2027. It values the project at over $2.3 billion. Arevia announced a power purchase agreement (PPA) for the facility with local Nevada utility NV Energy. For the complete story, click here.