The National Energy Administration (NEA) of China reported that the country's new solar PV installations increased by approximately 36% annually during the first quarter of 2024. This resulted in the addition of 45.74 GW of new capacity, marking a 12.08 GW improvement compared to the previous year. However, this growth rate is lower than the 155% year-on-year increase in Q1/2023, when China installed 33.66 GW of new solar capacity.
As of the end of March 2024, China's cumulative installed solar PV capacity reached around 660 GW, representing a 55% annual increase. Additionally, the country's wind power capacity increased to 460 GW, with 15.5 GW of new additions in Q1/2024. Together, these technologies now account for a combined capacity of 1.12 TW. It is anticipated that China will likely achieve its 1.2 TW wind and solar target well ahead of the 2030 goal, with an additional 80 GW expected to be added this year.
According to the NEA, China added 217 GW of new solar capacity, including 53 GW in December 2023 alone. However, it is expected that the installation pace will slow down this year due to land and grid constraints, as well as the impact of overcapacity and declining module prices in the PV industry, as projected by the China Photovoltaic Industry Association (CPIA). The CPIA forecasts that China will install between 190 GW AC and 220 GW AC of new solar PV capacity in 2024.
Source: Taiyang News