36 markets to deploy more than 1GW of solar by 2029: Fitch

Published onDecember 10, 2020

Rising demand for green projects in investor portfolios is “broadening the geographic base” of the solar market, with 36 nations set to install more than 1GW of solar by 2029. That is according to the latest report from Fitch Solutions, which forecasts that countries such as Vietnam, Saudi Arabia and Zambia are all set to rapidly growing their operational solar capacities in the coming years. The consultancy estimates that 36 countries will have each added an additional 1GW of solar capacity by 2029, while 70 will add at least 700MW to the global landscape. A total of 49 markets are expected to at least double their capacity to generate solar power within the next decade, with markets such as Saudi Arabia, Zimbabwe and Zambia predicted to see the fastest growth. This, the report said, will come as a result of more favourable energy policies, falling solar component costs, better access to resources and rising interest from investors. A growing number of developers and financial institutions are competing for access to renewable energy projects, and as a result are “broadening the geographic base” for the solar market. Fitch claims that the number of markets with solar capacities over 1GW will rise from 38 in 2020 to 50 by the end of 2029.

Source: https://www.pv-tech.org/news/36-markets-to-deploy-more-than-1gw-of-solar-by-2029-fitch