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Renewables Make A Bright Start To 2024 In The Solar Energy Market

  • Net Zero

Following COP28 and the formation of the UNEZA, solar momentum among utility providers has been high. In December, DEWA broke several solar infrastructure records with the inauguration of the $3.8 billion, 950MW 4th phase of the Mohammed bin Rashid Al Maktoum Solar Park in the UAE. The park now has a capacity close to 2,000MW and has the largest thermal energy storage capacity in the world to provide 24-hour solar power.

This market momentum has carried into 2024:

  • Microsoft recently announced an eight-year alliance with US renewable energy firm QCells to supply 12GW of solar panels.

  • I Squared Capital has agreed to invest $400 million in Órigo Energia, a Brazilian energy firm, to fund future solar projects.

  • Macquarie Asset Management invested approximately $270 million to acquire a 50% stake in Enel’s Green Power Hellas, which currently have 84MW in solar projects under construction.

With the IEA recording a 50% increase in renewable energy capacity over the course of 2023 – the 22nd consecutive record breaking year – investors and market participants should cautiously view recent developments as early indicators of a repeat record-breaking performance in 2024.

Alastair Foyn

Alastair is an Analyst in the Verdantix Net Zero & Climate Risk practice. His current research agenda focuses on carbon management software and decarbonization best practices, particularly those relating to Scope 3 and industrial emissions. Prior to joining Verdantix, Alastair worked at Tyler Grange, where he gained experience in consultancy practices and environmental strategy. Alastair holds a First Class BSc in Biological Sciences from Durham University, as well as an MSc in Sustainable Development, with Distinction, from the University of St Andrews.

 

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