Asia dominates as utility-scale solar developers add 50% in two years

The world’s 27 leading utility-scale solar developers have installed nearly 50 GWac of new capacity in 2023-24. This represents 50% growth to the 100 GWac they held at the end of 2022.

China retains a huge lead with more utility-scale solar capacity than the next six countries combined. And with India at number 3 trying to close the gap, it is no surprise that Asian developers are rising up the table [see overleaf]. India’s Tata Power has jumped 9 places to #7, and Saudi Arabian ACWA Power has also climbed into the top ten. NTPC of India has leapt into the top list for the first time, having recently established a separate renewables division.

Strong progress in the US and Spain, in particular, has also boosted some American and European developers. NextEra Energy takes top spot for the first time, having increased its capacity by 74% since 2022 thanks to several new plants commissioned by its subsidiary Florida Power & Light. Its compatriot Invenergy enters the top list for the first time. Meanwhile Iberdrola has risen three places on the back of dynamic growth in its home market.

Developers with less domestic potential have to work internationally, if they are to achieve high ranking. A strong portfolio in the US and elsewhere lifted Lightsource BP several places. Meanwhile EDF, TotalEnergies and Baywa R.E. all advanced thanks to their international developments.

Many developers sell projects when they are operational, while others buy projects from others. The list of top owners therefore shows multinationals Like France’s Engie and ENEL of Italy as more prominent participants.

“The average project size also gives an insight into geographic differences”, says Wiki-Solar founder Philip Wolfe. “ACWA is developing mega-projects in Saudi Arabia and elsewhere with average capacity over 330 MW. For Chinese and Indian companies 100 MW is typical, whereas an average of 20 to 30 MW is not uncommon for European developers. I hope Wiki-Solar will continue to be able to reflect on these developments in the future.”

Readers are reminded that Wiki-Solar measures capacity in MWac delivered to the grid, including only projects over 4 MWac. The installed capacities would be roughly 25% higher if measured by the DC solar array output in MWp.

Top project developers for utility-scale (4-MWac+) solar projects at Q3-2024. The full list can be seen in Wiki-Solar's announcement.

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