The Solar Explosion of 2022: A Historic Record for World Installations

The year 2022 was a record year for global solar installations, reaching a capacity of 240 GWdc. This exceptional growth has led to an unprecedented expansion of the operating portfolios of the world's largest solar asset owners.

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Croissance Solaire Record 2022

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The year 2022 witnessed unprecedented growth in the global solar field, with a total installed capacity of 240GWdc, marking a record year. This remarkable growth has led to unprecedented expansions in the operating portfolios of the world’s largest solar asset owners.

 

The main players in the solar sector

Among the world’s leading solar players, including Chinese companies, solar portfolios have increased dramatically by 44% in 2022. This increase was mainly fuelled by the ambitious solar targets set by the Chinese authorities for the year 2025. Excluding Chinese state-owned companies such as SPIC, China Huaneng Group and CHN Energy, the world’s 15 largest non-Chinese owners increased their portfolios by 20% last year.

 

NextEra Energy Becomes Largest Owner Outside China

NextEra Energy became the largest owner of solar assets outside China at the end of 2022. The company has seen significant growth in its solar portfolio, adding 1.8 GWdc by 2022. Vietnamese company EVN, once top of the ranking, has dropped to fourth place due to Vietnam’s ban on new large-scale solar projects because of grid congestion.

 

SPIC’s Domination in the World Solar Ranking

On the Chinese side, SPIC still dominates the global ranking of solar asset ownership, which includes Chinese companies. China’s state-owned utility interconnected 12.5 GWdc in 2022, surpassing the capacity installed by the 15 largest non-Chinese asset owners combined.

 

The Role of IPPs in Solar Asset Ownership

Of the world’s 15 largest owners of solar assets outside China, 67% are affiliated with utilities as Independent Power Producers (IPPs), which is also remarkable. These affiliated PPIs represent 41% of classified capacity. This share is even higher in certain regions, notably the Americas (63%) and Europe (70%).

Non-publicly-affiliated IPPs account for 26% of the entities in the global ranking excluding China, while SOEs account for 15%. In Europe, this breakdown is very different from previous years, when most of the largest owners of solar assets were infrastructure funds. However, the region’s transition to projects with merchant market revenues is redefining the profiles of key asset owners.

 

2022 was a major year for the global solar sector, with unprecedented growth in capacity installation. The largest owners of solar assets, both Chinese and non-Chinese, have seen massive expansions in their portfolios. This trend demonstrates the growing importance of solar energy worldwide, as well as the diversity of the industry’s key players.

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The consortium led by Engie and Masdar has been selected to develop a 1.5 GW photovoltaic plant in Abu Dhabi, aimed at expanding the emirate’s solar capacity under its long-term energy strategy.
T1 Energy invests in private solar cell manufacturer Talon PV to support industrial expansion of the U.S. solar sector and address rising grid demand.
The European Bank for Reconstruction and Development is reviewing a loan for a 100 MW photovoltaic project led by Qair in Tunisia, backed by a long-term power purchase agreement with the national utility.
French independent producer CVE has commissioned an agrivoltaic pilot project in Haute-Loire, aiming to test solar panel integration on a cattle farm ahead of a future 12 MWc installation.
Geronimo Power celebrated the near completion of its 125 MW solar farm in Jackson County, marking a major step for the local economy and regional power grid.
GOLDBECK SOLAR Polska has received the Final Operational Notification for its Zwartowo photovoltaic facility, marking a key regulatory milestone in the development of large-scale solar projects in Poland.
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Hokkaido Gas has launched a 2MW solar power plant in Kamishihoro, with an expected annual output of 4.4GWh to be distributed locally through energy supplier Karch.
Sembcorp Industries has signed a purchase agreement to acquire a 300-megawatt solar plant in India, boosting its renewable energy footprint to a total capacity of 6.9 gigawatts.
Spanish solar energy producers have recorded 693 hours of zero or negative prices since January, already matching the total for the previous year, raising concerns about the sector’s profitability and market stability.
Mars signs a major contract with GoldenPeaks Capital to develop over 100 solar plants in Poland, aiming to power its European operations and supply chain with renewable electricity.
Doral Renewables has signed a power purchase agreement for 75% of the output from its Cold Creek Solar project, expanding its contracted portfolio to over 1.6 GW nationwide.
SNCF Voyageurs secures direct solar electricity supply from two plants owned by Octopus Energy and BayWa r.e., through 25-year agreements aimed at powering its rail network.
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The Kuwait Authority for Partnership Projects has shortlisted several companies for Phase III of the Al Dibdibah solar plant, with a net capacity of 500 MW.
The Central Electricity Regulatory Commission has agreed to examine compensation claims by ACME Solar and AMPIN Energy, citing losses caused by non-operational transmission lines.
Waaree Energies has activated a new 950 MW photovoltaic module production line in Degam, strengthening its industrial investment programme in western India.
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