Solar energy on the rise: Towards a world record of 593 GW in 2024

Solar energy is experiencing unprecedented growth, with a projected increase of 593 GW by the end of 2024. This momentum, driven by emerging markets and leaders such as China and India, is redefining the global energy landscape.

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The solar energy sector is heading for a record year in terms of installed solar capacity, with forecasts indicating an increase to 593 gigawatts (GW) by the end of 2024.
This growth, which represents a 29% increase on the previous year, comes against a backdrop in which solar power continues to assert itself as the lowest-cost source of electricity worldwide.
The Ember think-tank, which specializes in the analysis of energy dynamics, points out that this trend is accompanied by a strong acceleration in installations in emerging markets, in addition to established ones. Data provided by Ember reveals that, up to July 2024, 292 GW of additional capacity has already been installed, an increase of 29% compared to the same period in 2023.
This dynamic demonstrates the sector’s resilience and adaptability in the face of economic and environmental challenges.
Euan Graham, electrical data analyst at Ember, says: “Once again, solar power is growing faster than expected, establishing itself as the world’s cheapest source of electricity.” This statement highlights not only the economic competitiveness of solar power, but also its growing role in the global energy transition.

Unprecedented global momentum

Forecasts for 2024 indicate that increases in solar capacity are set to exceed the total increase in coal-fired power generation capacity worldwide since 2010, which stands at 540 GW.
This development underlines a paradigm shift in the energy sector, where renewable energies, and solar power in particular, are taking center stage.
Countries such as China, the USA, India, Germany and Brazil are expected to account for 75% of capacity increases in the solar sector worldwide.
China continues to dominate the market, with a 28% year-on-year increase in solar capacity installations in the first seven months of the year.
At this rate, the country could install 334 GW of solar capacity, accounting for 56% of global increases by 2024.
This illustrates not only China’s capacity for innovation and investment in the renewable energy sector, but also its commitment to ambitious decarbonization targets.

Remarkable performance in other regions

India, meanwhile, is performing impressively, with capacity increases 77% higher than the previous year.
Forecasts estimate that the country could install 23 GW by the end of the year, reflecting strong political will and increased support for solar energy projects.
In the United States, capacity additions totalled 20 GW for the first half of the year, up 55% on the previous year.
This momentum is underpinned by favorable policies and growing investment in solar infrastructure.
Germany, meanwhile, has already exceeded its solar power capacity target for 2024, and is on course to meet its new target for 2026, as set out in its National Energy and Climate Plan.
This success is the result of a proactive energy transition strategy, which includes financial incentives and regulations favorable to the development of renewable energies.

Future prospects

The growth of solar energy brings with it challenges, particularly in terms of energy storage and integration into existing power grids.
Industry players must also navigate an ever-changing regulatory landscape, which can influence investment and long-term projects.
However, the current trend indicates a collective willingness to move towards sustainable, cost-effective energy solutions.
The outlook for the solar energy sector remains optimistic, with forecasts of continued growth in the years ahead.
Investment in research and development, and technological innovation, will play a crucial role in accelerating this transition.
Businesses and governments must work together to create an environment conducive to the expansion of solar capacity, while ensuring that the economic and environmental benefits are shared equitably.

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Savion, a Shell subsidiary, transfers majority ownership of five solar projects to Tango Holdings, 80% owned by Ares, to optimise the U.S. renewable electricity production portfolio and improve the profitability of the oil group’s investments.
Investment fund KKR is committing $335mn in a strategic partnership with CleanPeak Energy to accelerate the rollout of solar, storage and microgrid solutions aimed at Australian businesses.
Bluebird Solar is initiating a significant investment plan in Greater Noida to increase its production capacity to 2.5 GW and integrate automated lines powered by artificial intelligence.
TotalEnergies ENEOS has commissioned a 680-kilowatt photovoltaic facility at TechnipFMC’s Johor Bahru site, supplying 20% of the factory’s energy needs under an 18-year power purchase agreement.
Voltalia has been selected for the construction of two photovoltaic plants in Ireland, totalling 92.9 megawatts, further strengthening its presence in the country’s solar infrastructure market.
The latest report from the International Renewable Energy Agency confirms the cost superiority of renewables, but highlights persistent challenges for grid integration and access to financing in emerging markets.
EDP Renewables North America and California Water Service have entered into a 20-year agreement to supply solar energy to a strategic Bakersfield site, reducing grid energy costs by about $1.7mn over the contract duration.
Solar growth in the European Union is seeing its first annual contraction in ten years, following reduced subsidies and shifting budget priorities in several member states.
Scatec secures the development of a 846 MW photovoltaic cluster in the Free State province, with an investment of ZAR13bn ($735mn), following the seventh round of South Africa's REIPPPP programme.
Enbridge invests $0.9bn in a 600 MW solar facility in Texas, fully dedicated to powering Meta Platforms, Inc.'s data centres through a long-term power purchase agreement.
ENGIE has announced the acquisition of 22 distributed solar projects in Pennsylvania, further strengthening its renewable energy expansion strategy while supporting the local economy and enhancing the reliability of the distribution grid.
Estuary Power commissions the Escape Solar and Storage project in Nevada, integrating 185 megawatts of solar capacity and securing enhanced financing from institutional investors to supply electricity to several major players in the leisure sector.
New anti-dumping tariffs and Foreign Entity of Concern (FEOC) restrictions are disrupting the US solar supply chain, while ongoing dependence on China exposes the industry to significant risks, according to Wood Mackenzie.
Sri Lanka and the International Solar Alliance (ISA) have signed a strategic partnership to accelerate solar energy deployment in the country, aiming for 70% renewable energy by 2030.
Sunrun announced the pricing of its $431 million securitization, involving leases and power purchase agreements. This marks the company’s 14th public securitization and its third of 2025.
Resalta has completed the acquisition of Statkraft’s Croatian platform, expanding its presence in renewable energy across Eastern Europe, with a portfolio of projects and a full local team.
Gaia Renewables 1 has acquired a 10% stake in two solar power plants in the Northern Cape, following regulatory approval and financial close, strengthening its portfolio of independent assets.
Dutch firm Gutami Holding has signed a 25-year agreement with Burkina Faso and national utility SONABEL for a 150 MW solar project with 50 MW storage, valued at over €100mn ($109mn).
SOFAZ acquires 49% of a 14-plant solar portfolio held by Enfinity Global in Lazio and Emilia-Romagna, reinforcing its long-term stable investment strategy.