utility-scale PV systems 25 percent cheaper per megawatt in 2017 than two years earlier

16.01.2018: The global clean energy investment totaled $333.5 billion in 2017, up 3 percent from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5 trillion, according to the latest findings of Bloomberg New Energy Finance (BNEF). The US was the second biggest investor in clean energy after China at $56.9 billion, up one percent from 2016 »despite the less friendly tone towards renewables adopted by the Trump administration,« says the consultancy. Markets such as Australia, Brazil, Mexico and the UAE also saw increased investment in clean energy, whereas investment declined in Japan, Germany and the UK.
Typical utility-scale PV systems were about 25 percent cheaper per megawatt in 2017 than they were two years earlier. Solar investment globally amounted to $160.8 billion in 2017, up 18 percent on the previous year despite these cost reductions. China invested just over half of the world total in solar at $86.5 billion. This was 58 percent higher than in 2016, with an estimated 53 GW of PV capacity installed – up from 30 GW in 2016.
»China installed about 20 GW more solar capacity in 2017 than we forecast,« said Justin Wu, head of Asia-Pacific for BNEF. The cost of solar continues to fall in China, and more projects are being deployed on rooftops, in industrial parks or at other distributed locales. These systems are not limited by the government quota. Large energy consumers in China are now installing solar panels to meet their own demand, with a minimal premium subsidy, said Justin Wu.
Large wind and solar project financings pushed Australia up 150 percent to a record $9 billion, and Mexico up 516 percent to $6.2 billion. On the downside, Japan saw investment decline by 16 percent in 2017, to $23.4 billion, while Germany slipped 26 percent to $14.6 billion and the UK 56 percent to $10.3 billion in the face of changes in policy support. Europe as a whole invested $57.4 billion in renewables, down 26 percent year-on-year.
According to BNEF, the two biggest solar projects »of all to get the go-ahead« last year were both in the United Arab Emirates: the 1.2 GW Marubeni Jinko Solar and Adwea Sweihan plant, at $899 million, and the 800 MW Sheikh Mohammed Bin Rashid Al Maktoum III installation, at an estimated $968 million.

 

Monty Bannerman

ArcStar Energy

+1-646-402-5076

www.arcstarenergy.com