Global Solar Market Brief
1. Germany Adds Over 1 GW Solar Capacity in November 2024
Germany installed 1.013 GW of new solar capacity in November 2024, marking the second-lowest monthly addition of the year, slightly above August's 972 MW. The November figures include 548.8 MW from EEG-supported rooftop solar projects and 348.6 MW from ground-mounted systems under EEG tenders.
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2. U.S. DOE Grants $1.45 Billion Loan for Qcells Factory
The U.S. Department of Energy (DOE) has granted a $1.45 billion loan to Qcells for its vertically integrated manufacturing facility in Cartersville, Georgia. Once operational, the facility will increase Qcells' total production capacity in Georgia to 8.4 GW, equivalent to producing approximately 46,000 solar modules daily.
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3. EU Approves €9.7 Billion Renewable Energy Aid for Italy
The European Commission has approved a €9.7 billion aid package to support the installation of 17.65 GW of renewable energy capacity in Italy. The plan covers onshore wind, solar PV, hydropower, and biogas projects, representing a significant step toward Italy's net-zero transition.
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4. Malaysia Extends Solar Incentives Under SolaRIS Program
Malaysia’s Ministry of Energy and Water Transition (PETRA) announced an extension of solar tax rebates under the SolaRIS program until April 30, 2025. The program offers a maximum refund of MYR 4,000 (approximately $650), incentivizing the installation of solar systems.
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5. Vietnam Sets February 2025 Deadline to Address Renewable Energy Barriers
Vietnam’s Prime Minister held a meeting on December 12, 2024, urging the resolution of barriers to renewable energy projects by February 2025. This initiative aims to boost national electricity capacity and achieve 8% economic growth, with double-digit growth projections between 2026 and 2030.
6. U.S. Considers Tariff Exemptions for Mexican Solar Equipment
The Biden administration is evaluating a potential tariff exemption for solar equipment imported from Mexico, a move primarily benefiting Maxeon Solar Technologies. This policy aims to balance domestic clean energy manufacturing needs with the demand for increased solar deployment, though it may face resistance from U.S. manufacturers.
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7. Brazil Plans Mid-2025 Auction for 2 GW Energy Storage Capacity
Brazil's solar association Absolar has reported that the country's solar module import quota has been exhausted, subjecting further imports to a 25% tariff. This change could increase project costs by 8%. To address renewable energy curtailment, Brazil’s Ministry of Mines and Energy plans a battery storage auction by mid-2025, targeting an annual deployment of 2 GW.