WEEKLY REVIEW

PV Market News This Week：

1. New Zealand to fast-track large-scale solar PV projects via new Bill

The New Zealand government has presented the Fast Track Approval Bill, which includes ten solar PV projects that will receive a boost in their development.

The Bill, revealed earlier this week (6 October), includes 149 projects designed to help rebuild the country's economy, fix its housing crisis, improve energy security, and address critical infrastructure deficits.

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2. Solar PV to account for 80% of the world's renewable capacity additions this decade

Solar PV is set to be the driving force behind the world's rapid expansion of renewable power capacity installations in the coming decade, with solar set to account for 80% of the 5,500GW of new clean energy additions made by 2030.

These are the key takeaways from "Renewables 2024", the latest edition of the flagship report of the International Energy Agency (IEA). The report forecasts a "massive" growth in new renewable power additions to 2030, with the 5,500GW set to be added in the remainder of this decade more than three times the capacity added between 2017 and 2023, and roughly equivalent to the current power capacity of China, the US, the EU and India combined.

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3. India adds 11.3GW module capacity, 2GW solar cell in H1 2024

India has added 11.3GW of PV module annual nameplate capacity and 2GW of solar cells in the first half of 2024, according to market research firm Mercom India.

Cumulatively, the country has reached an annual nameplate capacity of 77.2GW for modules and 7.6GW for solar cells as of June 2024. Current module annual nameplate capacity far outpaces solar additions in the country which registered a record 15GW installed capacity in H1 2024.

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4. Australia, US emphasise support for clean energy supply chains for solar PV

On 4 October, the US and Australia emphasised their support for developing clean solar PV supply chains, which could leverage both countries'?investments and complementary resources from their respective solar industries.

The two countries are set to increase collaboration across several energy technologies, including solar PV supply chains and energy storage, as confirmed by a meeting in Brazil between Jennifer Granholm, the US secretary for energy, and Chris Bowen, Australia's minister for climate change and energy.

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5. Solar module prices continue to fall in Europe as demand increases, says sun.store

As solar module prices continued to decline in Europe in September, demand moved in the other direction and increased, according to the latest pv.index report.

Released by solar wholesaler sun.store, the pv.index report for September showed that the excess of supply continues to "pressure the market", which was already noticeable back in July.

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6. New Mexico increases community solar programme by 300MW

The New Mexico Public Regulation Commission (NMPRC) has approved a 300MW capacity increase in the US state's community solar programme.

The increased cap will go into effect on 1 November, more than doubling the current capacity approved in the Community Solar Act. The original capacity aimed to add 200MW of community solar in the US state of New Mexico, across three utilities: Public Service Company of New Mexico (PNM) with 125 MW; Southwestern Public Service Company (SPS) with 45 MW; and El Paso Electric Company (EPE) with 30 MW.

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7. Turkey applies solar antidumping tariffs to 5 countries, exempts 4 major manufacturers

The Turkish government has applied a US$25/m2 antidumping tariff to solar module products imported from Malaysia, Thailand, Vietnam, Croatia and Jordan.

According to the Vietnamese Department of Trade Remedies, the Turkish government has exempted four major solar manufacturers from the tariffs, which allege that manufacturers are evading Turkish levies on Chinese solar products by shipping from the named countries. The investigation was first launched on 29th November 2023.

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8. DOC to apply duties to Southeast Asian solar cells after preliminary AD/CVD findings

The US Department of Commerce (DOC) will apply countervailing duties (CVD) to solar cells imported from Southeast Asia following an affirmative preliminary determination.

This is the first determination reached in the ongoing antidumping and countervailing duty (AD/CVD) investigation into imports of crystalline silicon solar cells, whether or not assembled into modules, from four Southeast Asian countries.

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9. Australian government allocates AU$21 million to boost solar pv capacity in Queensland LREZs

The Australian government revealed on 30 September additional funding for Queensland's Local Renewable Energy Zones (LREZs), which will increase each zone's solar PV capacity to 16.2MW.

The additional AU$21.2 million (US$14.65 million) in funding is being provided by the government's Community Solar Banks programme, which aims to support low-income households access the benefits of solar PV installations.

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