Global Solar Demand to Reach 469-533 GW by 2024
01 China Enacts Groundbreaking Energy Law
China's first comprehensive Energy Law was passed on November 8th, marking a milestone in the country's energy sector. The law, set to take effect from January 1, 2025, encompasses nine chapters covering principles, planning, development, utilization, market systems, reserves, emergencies, technological innovation, supervision, legal responsibilities, and supplementary provisions.
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02 Global Solar Demand to Reach 469-533 GW by 2024
PV InfoLink forecasts a significant rise in global solar demand, projecting 469-533 GW by 2024. Emerging markets like Brazil, South Africa, the Middle East, and Southeast Asia are driving growth, with supportive policies in Saudi Arabia, UAE, Oman, Thailand, Malaysia, and Vietnam. Despite infrastructural challenges in Africa, large-scale projects continue, suggesting a stable industry progression.
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03 Turkey Initiates 800 MW Solar Power Tender
Turkey's Ministry of Energy and Natural Resources has launched a tender for 800 MW of solar power, spanning six projects with specific capacities in various provinces. The tender has an initial price cap of $0.055 per kWh, with a bid floor of $0.0325 per kWh, and a deadline of January 27, 2025.
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04 Bangladesh Introduces a Decade of Tax Exemptions for Renewable Energy
Bangladesh has unveiled a ten-year tax exemption for renewable energy projects commencing operations from July 1, 2025, to June 30, 2030. The policy aims to bolster clean energy generation, with solar capacity accounting for 1.08 GW out of a total 1.38 GW.
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05 France Deploys 1.35 GW of New Solar Capacity in Q3 2024
France saw a substantial deployment of 1,351 GW in new solar capacity in Q3 2024, according to Enedis. The first nine months of 2023 registered an increase to 3,328 MW from 3,135 MW in the same period last year, with a remarkable 72% growth in commercial rooftop photovoltaics.
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06 India Expands Solar Module Manufacturing Capacity to 60,494 MW
India's Ministry of New and Renewable Energy (MNRE) has expanded its Approved Model and Manufacturer (ALMM) list, adding 2,079 MW to the country's solar module manufacturing capacity.
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07 US Utilities Eye Advanced Conductors for 764 GW Solar Integration by 2035
US utilities are discussing the use of advanced conductors to achieve 764 GW of solar integration by 2035. Despite some utilities' hesitancy, two companies sharing their experiences at a recent webinar highlight the potential for replacing existing transmission lines with advanced conductors to meet the 2024 target.
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08 European Corporate PPA Market Anticipates Another Record Year in 2024
The RE-Source platform predicts another record year for European corporate Power Purchase Agreements (PPAs) in 2024, with this year's capacity already at 10.7 GW, nearing last year's record of 10.8 GW. The Amsterdam conference, attended by over 1,400 participants, focused on European renewable energy developments.
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09 Austria Installs 1.4 GW of Solar Capacity from January to September
Austria has seen a robust installation of 399 MW of new solar capacity in Q3 2024, according to E-Control, the national energy regulatory agency. Covering approximately 85% of the country's grid, the data indicates a slight decrease in growth rate compared to the first half of 2024. With 20,929 new photovoltaic systems installed in Q3, the total new capacity for the year has surpassed 1.4 GW, exceeding the annual target of 1.1 GW set by the Renewable Energy Expansion Act (EAG). EAG aims for 11 TWh of photovoltaic capacity by 2030, with a long-term goal of 100% renewable energy generation.
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10 Singapore on Track to Achieve 2030 Solar Target by 2028
Research from the National University of Singapore suggests that Singapore could achieve its 2 GW solar installation target by 2028, ahead of the 2030 deadline. The study indicates that the government can expedite the achievement of its long-term solar goals through policies that promote efficient land use, subsidies, and increased panel efficiency.
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