WEELY REVIEW

PV Market News This Week:

1.Masdar signs deals for over 6GW of new Egyptian solar capacity, plus 4GW of manufacturing capacity

UAE state-owned power developer Masdar has signed a number of memoranda of understanding to develop new renewable power projects in Egypt, including over 6GW of new solar capacity, 4GW of new solar manufacturing capacity and 2GW of new battery manufacturing capacity.

2.Saudi Arabia awards 2GW Al Sadawi solar project to Masdar consortium

Saudi Arabia has awarded the 2GW Al Sadawi solar project to a consortium led by UAE state-owned developer Masdar, and signed a power purchase agreement (PPA) to acquire electricity generated at the project.

The project is the largest facility tendered in the fifth round of the Saudi Arabian National Renewable Energy Programme (NREP), which was announced last month, and sought to allocated 3.6GW of new solar power capacity. Masdar expects to commission the Al Sadawi project in the second quarter of 2027.

3.China to decrease export tax rebate rate for some PV products to 9%

China's Ministry of Finance and the State Administration of Taxation have issued an "Announcement on Adjusting the Export Tax Rebate Policy".

Starting from 1 December 2024, the export tax rebate rate for some refined petroleum products, PV products, batteries and some non-metallic mineral products will be lowered by four percentage points, from 13% to 9%.

4.Floating solar to reach 77GW by 2033, led by APAC region

Wood Mackenzie has forecast cumulative floating solar PV (FPV) installations to reach 77GW by 2033.

The report, 'Floating Solar Landscape 2024', projects the Asia Pacific (APAC) region to lead the FPV market with 81% of the global market, representing 57GW of capacity by 2033. Nine of the top ten global FPV markets are expected to be from the APAC region.

5.Trump presidency 'unlikely' to derail energy transition – WoodMac

Renewable energy technologies in the US will remain competitive over the next four years, despite the uncertainties brought about by Donald Trump's presidential election victory.

This is according to a new report from energy analyst firm Wood Mackenzie and accords with much of the discussion in the solar industry since the election result emerged earlier this month.

6.Massachusetts passes climate bill, includes siting and permitting reform

The US state of Massachusetts has passed a bill that aims to simplify the siting process and permitting for clean energy projects.

Senate Bill 2967, which passed both the House and Senate in Massachusetts, also aims to promote energy storage in a state which has over 5GW of solar PV capacity installed as of the second quarter of 2024.

7.End-of-life Egyptian wind farm to be repowered as 3.3GW PV+wind hybrid

An ageing 545MW wind farm in Egypt is to be reborn as a 3GW PV and wind hybrid facility under a provisional repowering plan agreed last week.

French firm Voltalia and engineering firm Taqa Arabia have signed a memorandum of understanding (MOU) with the Egyptian government to repower the Zafarana wind farms as they reach the end of their operational life.

8.Rooftop solar PV provides 107.5% of grid demand in South Australia

Rooftop solar PV in South Australia broke the 100% grid demand contribution on Sunday afternoon, peaking at 107.5%.

According to OpenNEM, at around 13:45 on 17 November, rooftop solar PV in South Australia provided 107.5% of the state's demand, standing at around 1,720MW. This is the latest milestone the state has achieved, having broken the 100% threshold last month.

9.Netherlands deploys 1.76 GW of solar in H1

The Netherlands added 1.76 GW of solar capacity in the first half of 2024, with 148,166 new PV projects. By the end of June, the country's total installed PV capacity had reached 26.06 GW.

The Netherlands installed around 1.76 GW of PV capacity across 148,166 projects in the first six months of 2024, according to official statistics from CBS, the nation's statistics agency.

If the growth trend continues in the second half of 2024, the Netherlands is on track to install less solar capacity than in 2023, when it added 4,82 GW. The country deployed 4.8 GW in 2022, 3.7 GW in 2021, and 3.9 GW in 2020. By June 2024, the nation's cumulative solar capacity had reached 26.06 GW.

10.Romania opens €150 million pot for co-located battery storage

Romania has launched a new subsidy scheme for behind-the-meter battery energy storage systems to the tune of €150 million ($158 million).

With the funding secured from the Modernization Fund, the Ministry of Energy launched the competitive bidding call on Tuesday. Bids will be accepted until January 17, 2025.

Under the scheme, grants will be available for battery storage systems built alongside existing renewable energy plants – wind, solar or hydro. The storage capacity should annually absorb at least 75% of the energy produced by the renewable energy facility to which it is directly connected.

11.India on track to hit 132 GW of solar by 2026, says ICRA

ICRA, an Indian credit rating agency, said India's renewable energy capacity could rise to 250 GW by March 2026, up from 201 GW in September 2024. This growth will be driven by an 80 GW project pipeline, following improved tendering in 2024.

Solar capacity will reach 132 GW by March 2026, with 91 GW installed by September 2024. ICRA said it expects annual solar additions of 22 GW in 2025 and 27.5 GW in 2026.

12.ADB to provide $160 million to finance 760 MW of solar in Azerbaijan

The ADB has signed loans totaling $160 million to finance two solar projects in southeastern Azerbaijan. The 445 MW Bilasuvar and 315 MW Neftchala solar plants will be developed by Masdar in partnership with Socar Green, a subsidiary of Socar.

Azerbaijan's Ministry of Energy approved the construction of the two solar projects in June. The parties signed investment agreements in October 2023, followed by power purchase agreements, transmission connection deals, and land lease agreements.

13.France publishes new provisions making solar mandatory on parking areas

The French government has published Decree No. 2024-1023, mandating solar installations on parking lots larger than 1,500 sqm.

The provisions define how to calculate the surface areas subject to the rule. They outline exemption criteria and set fines for non-compliance.

Car parks exceeding 10,000 sqm must install solar carports by July 1, 2026, while those between 1,500 sqm and 10,000 sqm have until July 1, 2028.