In October, Turkish energy minister Alparslan Bayraktar said Turkey will need to install 5GW of solar and wind capacity every year until 2035, as renewables have great potential to meet the 2035 target of ‘supplying reliable and affordable energy in an environmentally friendly manner’.
There are currently over 40GW of Chinese-made solar modules in storage across Europe with a cumulative value of around €7 billion (US$7.8 billion), according to data from research firm Rystad Energy.
In a recent study, Rystad Energy said Spain is on track to become the first of the top five European countries, including France, Germany, Italy and the UK, by power demand to generate more than half of its power from renewable sources.
It will be 10 times more expensive to operate gas-fired power plants in Europe than to build new Solar PV capacity in the coming years, according to research by Rystad Energy.
Around 35GW of PV manufacturing in Europe is at risk of being mothballed as elevated power prices damage the continent’s efforts to build a solar supply chain, research from Rystad Energy suggests.
A patchwork implementation of the EU’s power revenue cap could stall renewables development and dent investment, according to LevelTen Energy, a power purchase agreement marketplace operator.
The Inflation Reduction Act (IRA) is expected to add an extra US$110 billion in investment for utility-scale solar in the US by 2030, increasing the country's utility-scale deployment by more than 70GW.
The war in Ukraine will “turbocharge” the global green hydrogen sector as the cost of alternatives soar by more than 70% and Europe seeks to reduce its reliance on Russian gas with a series a financial packages, according to Rystad Energy.
