Solar to lead global renewables growth for next five years

Published onFebruary 28, 2018

Globally, PV capacity will expand more over the next five years than any other renewable-energy technology, KPMG said in its latest report, Great expectations: Deal making in the renewable energy sector. The accounting and financial services firm drew its findings from a survey of 200 renewable-energy investors, which was conducted in the third quarter of 2017. It solely spoke to investors that specialize in large-scale PV, thermal solar, hydropower, biomass and geothermal projects, as well as onshore and offshore wind installations.

KPMG said it expects solar to outpace other renewable technologies, due to “improvements in technology and lower costs relative to other types of renewables.” PV has grown more than any other renewable-energy sub-sector in recent years, it said, accounting for 47% of all new generating capacity that was added throughout the world in 2016, followed by wind power at 34%, and hydropower at 15.5%.