Latest news with #SolarPV
Zawya
23-07-2025
- Business
- Zawya
91% of new renewable projects now cheaper than fossil fuels alternatives
ABU DHABI: Renewables maintain their cost leadership in global power markets, IRENA's new report on Renewable Power Generation Costs in 2024 confirms. The report confirms that renewables maintained their price advantage over fossil fuels, with cost declines driven by technological innovation, competitive supply chains, and economies of scale. In 2024, solar photovoltaics (PV) were, on average, 41% cheaper than the lowest-cost fossil fuel alternatives, while onshore wind projects were 53% cheaper. Onshore wind remained the most affordable source of new renewable electricity at US$0.034/kWh, followed by solar PV at US$ 0.043/kWh. The addition of 582 gigawatts of renewable capacity in 2024 led to significant cost savings, avoiding fossil fuel use valued at about US$57 billion. Notably, 91% of new renewable power projects commissioned last year were more cost-effective than any new fossil fuel alternatives. Renewables are not only cost-competitive vis-a-vis fossil fuels but are advantageous by limiting dependence on international fuel markets and improving energy security. The business case for renewables is now stronger than ever. While continued cost reductions are expected as technologies mature and supply chains strengthen, short-term challenges remain. Geopolitical shifts including trade tariffs, raw material bottlenecks, and evolving manufacturing dynamics, particularly in China, pose risks that could temporarily raise costs. Higher costs are likely to persist in Europe and North America, driven by structural challenges such as permitting delays, limited grid capacity, and higher balance-of-system expenses. In contrast, regions like Asia, Africa, and South America, with stronger learning rates and high renewable potential, could see pronounced cost declines. United Nations Secretary-General António Guterres said, 'Clean energy is smart economics – and the world is following the money. Renewables are rising, the fossil fuel age is crumbling, but leaders must unblock barriers, build confidence, and unleash finance and investment. Renewables are lighting the way to a world of affordable, abundant, and secure power for all.' IRENA Director-General Francesco La Camera added, 'The cost-competitiveness of renewables is today's reality. Looking at all renewables currently in operation, the avoided fossil fuel costs in 2024 reached up to US$ 467 billion. New renewable power outcompetes fossil fuels on cost, offering a clear path to affordable, secure, and sustainable energy. This achievement is the result of years of innovation, policy direction, and growing markets. However, this progress is not guaranteed. Rising geopolitical tensions, trade tariffs, and material supply constraints threaten to slow the momentum and drive-up costs. To safeguard the gains of the energy transition, we must reinforce international cooperation, secure open and resilient supply chains, and create stable policy and investment frameworks—especially in the Global South. The transition to renewables is irreversible, but its pace and fairness depend on the choices we make today.' IRENA's 2024 report also explores the structural cost drivers and market conditions shaping renewable investment. It concludes that stable and predictable revenue frameworks are essential to reduce investment risk and attract capital. Mitigating financing risk is central to scaling renewables in both mature and emerging markets. Instruments such as power purchase agreements (PPAs) play a pivotal role in accessing affordable finance, while inconsistent policy environments and opaque procurement processes undermine investor confidence. Particularly, integration costs are emerging as a new constraint on deployment of renewables. Increasingly, wind and solar projects are delayed due to grid connection bottlenecks, slow permitting and costly local supply chains. This is acute in G20 and emerging markets, where grid investment must keep pace with rising electricity demand and the expansion of renewables. Furthermore, financing costs remain a decisive factor in determining project viability. In many developing countries of the Global South, high capital costs, influenced by macroeconomic conditions and perceived investment risks, significantly inflate the levelised cost of electricity (LCOE) of renewables. For example, IRENA found that while onshore wind generation costs were similar in Europe and Africa with around US$0.052/kWh in 2024, the cost structures varied significantly. European projects were capital-expenditure driven, while African projects bore a much higher share of financing costs. IRENA's assumed cost of capital ranged from 3.8% in Europe to 12% in Africa, reflecting differing perceived risk profiles. Finally, technological advances beyond generation are also improving the economics of renewables. The cost of battery energy storage systems (BESS) has declined by 93% since 2010, reaching US$192/kWh for utility-scale systems in 2024. This reduction is attributed to manufacturing scale-up, improved materials and optimised production techniques. Battery storage, hybrid systems, combining solar, wind and BESS as well as digital technologies are increasingly vital for integrating variable renewable energy. Artificial intelligence (AI)-enabled digital tools are enhancing asset performance and grid responsiveness. However, digital infrastructure, flexibility, and grid expansion and modernisation remain pressing challenges, including in emerging markets, where the full potential of renewables cannot be realised without further investment.
Zawya
13-06-2025
- Business
- Zawya
South Africa: $5bln Coega Green Ammonia project completes 1430MW solar PV cluster development phase
As the Africa Green Hydrogen Summit kicks off in Cape Town from 12 to 13 June 2025, Hive Hydrogen South Africa announced that it has completed its 1430MW Solar PV Cluster Development phase, which will supply 40% of the Coega Green Ammonia green hydrogen project. The Coega Green Ammonia, located in Coega, Nelson Mandela Bay, Eastern Cape, is set to produce over one million tonnes of ammonia annually using renewable solar and wind energy, desalinated water from the Indian Ocean, and nitrogen extracted from the air. Developed in the Northern Cape —one of the highest average annual solar irradiation areas globally— this will be the largest Solar PV project in the country and in the Southern Hemisphere. Giles Redpath, CEO of Hive Energy, headquartered in the UK says: "This is the largest Solar PV project the Hive Energy Group has in its portfolio across 22 countries and it is a true testament to the South African government's commitment and leadership position on renewable energy and its application in producing sustainable, clean fuels." Thulani Gcabashe, chairperson of Hive Hydrogen South Africa, adds: 'Our solar development phase has been strongly supported by the South African government through the Strategic Integrated Projects Team who have assisted us throughout the extensive consent and permitting processes necessary and are very thankful for their diligence, dedication and backing. With the conclusion now of this phase, our R105bn Coega Green Ammonia Project development remains firmly on track to achieve commercial operation in Q4 2029. Additionally, we are pleased that our project's planned grid strengthening programme will unlock as much as 20,000MW of additional grid capacity for Independent Power Producers in South Africa to connect their large projects to the grid.' A consortium comprising of the French renewable energy developer and IPP company, Akuo Energy, Africoast Investments South Africa and Golden Sunshine Trading South Africa have co-developed the nine Crossroads Green Energy solar PV sites close to the towns of Philipstown, Petrusville and Vanderkloof together with Hive Hydrogen . Following the successful Environmental Impact Assessment (EIA) Records of Decision in May 2024 for 1,230MW of Solar PV, which had no objections or land claims, the Crossroads Green Energy cluster was expanded by an additional 200MW. This supplementary EIA Record of Decision has been confirmed, and most crucially, the required permits, authorisations, clearances, and consents for the Cross Roads Green Energy project sites have now all been received. Donald McGillivary and Venance da Silva, directors at Africoast Investments, highlight that Crossroads Green Energy is an exceptional 'best practice' solar power plant development that utilises a maximum of 10% of agricultural land, ensuring minimal environmental impact. Adding that this approach allows the co-existence of agricultural production and renewable energy investments, and provides a clear example of responsible and sustainable investments in green energy projects. All land is fully restored to its original state when the plant is decommissioned. Kennett Sinclair, the land and liaison manager and director at Golden Sunshine Trading, remarks that this will bring a meaningful income for more farmers over a wider area, create more sustainable agricultural enterprises, increase employment, improve the lives of communities and contribute to a cleaner environment for future generations. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
The Hindu
31-05-2025
- Business
- The Hindu
KREDL floats tender for BESS in Pavagada Solar Park
The Karnataka Renewable Energy Development Limited (KREDL) is planning to set up a Battery Energy Storage System (BESS) of 250 megawatt (MW)/1100 MwH capacity along with a solar photovoltaic project of 250 MW capacity in Ryapte in Tumakuru district in the vicinity of Pavagada Solar Park. This is the first BESS being set up in the solar park spread over 13,000 acres. It is being set up to supply peak power and optimise grid utilisation. This new project will come up in 1,000 acres in Annadanapura and Reddivarahalli villages in Tumakuru. KREDL, which has called for the tender, will provide the land on lease to the developer for setting up the plant. The entire project will be developed under Tariff-Based Competitive Bidding on Build-Own-Operate (BOO) basis. 'The BESS is being set up as we want to utilise the energy generated during solar hours in non-solar hours and thereby optimise grid utilisation,' said Gaurav Gupta, Additional Chief Secretary, Energy Department. He further said that BESS, which is fairly a new concept, is being set up in different capacities at different projects. The developer will also need to set up a transmission network with the primary objective of supplying Solar and BESS power to electricity supply companies (escoms). The projects need to be designed for interconnection with the Karnataka Solar Power Development Corporation Limited (KSPDCL) 220 kV lines. 'The BESS needs to be utilised for storing the energy generation from Solar PV during the grid constraint period, which may occur anytime during the solar generation hours, and it is mostly expected between the time blocks of 8:00 am and 4:00 pm on a daily basis. Further, the grid constraint period would differ on a month-to-month basis or seasonally (not necessarily between 8 a.m. and 4 p.m. on daily basis),' the tender document specifies. The energy generated from the solar project which would not be evacuated from the plant on account of grid constraint (partial or full) shall be stored into the BESS. During partial evacuation of energy, it shall be injected into both the grid and the BESS parallely. In a year, at least 80% of gross generation of the solar plant should be stored in the BESS. Earlier this year, Energy Minister K.J. George had said that while work is on to increase the generation capacity of the Pavagada Solar Park by another 2,000 MW, BESS of around 2,000 MW also will be set up for proper utilisation of solar power.
Malay Mail
25-05-2025
- Business
- Malay Mail
Go solar, DPM Fadillah tells local councils for cheaper, cleaner electricity
KUALA TERENGGANU, May 25 — The government is opening opportunities for all parties, especially local authorities, to adopt Solar Photovoltaic (Solar PV) systems as part of efforts to transition towards clean energy. Deputy Prime Minister Datuk Seri Fadillah Yusof said that by installing Solar PV systems at their premises, these entities can save on electricity consumption, generate new renewable energy and reduce carbon emissions. Fadillah, who is also Minister of Energy Transition and Water Transformation (PETRA), cited the example of the Kuala Terengganu City Council (MBKT) initiative, which installed Solar PV systems at the MBKT Tower's parking area and rooftop. 'The Solar PV system at MBKT is the largest installed on a building owned by a local authority under the Net Energy Metering (NEM 3.0) programme, under the NEM GoMEN category, approved by the Sustainable Energy Development Authority (SEDA) Malaysia on Dec 16, 2021. 'It has been operational since Jan 2, 2024, and is estimated to generate 1,147 megawatt-hours (MWh) of green electricity annually, resulting in estimated electricity bill savings of 11 per cent or over RM200,000 per year,' he said. He was speaking to reporters after inspecting the Solar PV installation at the MBKT Tower today during the PETRA Squad East Zone Roadshow, a two-day event held in Kelantan and Terengganu that began yesterday. Fadillah also said the PETRA Squad tour continued to the Large-Scale Solar (LSS) Coara Marang plant to observe its operation firsthand, which is part of the government's initiative under the LSS3 programme. 'The energy capacity generated by this plant is estimated to supply electricity to more than 10,000 households daily and is among the most advanced solar plants in terms of technology and efficiency. 'Besides helping to reduce carbon emissions, the LSS Coara Marang project also serves as a model for disaster-resilient solar plant design suitable for development in flood-prone areas, thereby strengthening the resilience of the country's energy sector,' he said. Fadillah said the roadshow concluded with a visit to the biogas power plant operated by Concord Biotech Sdn Bhd in Kemaman. He said the development of the biogas power plant involved an investment of RM21 million, including the installation of two biogas engines with a total capacity of 2.404 megawatts (MW), using biogas derived from palm oil mill effluent (POME). The plant commenced commercial operation on March 12, 2022, with the Sustainable Energy Development Authority Malaysia approving the Feed-in-Tariff (FiT) quota on Feb 18, 2019. 'As of March 31, 2025, the power plant has generated 29,158 MWh of electricity, equivalent to avoiding 22,568 metric tonnes of carbon dioxide equivalent (CO2eq) emissions,' he said. — Bernama
Barnama
25-05-2025
- Business
- Barnama
Govt Encourages Solar PV Adoption in Clean Energy Transition
KUALA TERENGGANU, May 25 (Bernama) -- The government is opening opportunities for all parties, especially local authorities, to adopt Solar Photovoltaic (Solar PV) systems as part of efforts to transition towards clean energy. Deputy Prime Minister Datuk Seri Fadillah Yusof said that by installing Solar PV systems at their premises, these entities can save on electricity consumption, generate new renewable energy and reduce carbon emissions. Fadillah, who is also Minister of Energy Transition and Water Transformation (PETRA), cited the example of the Kuala Terengganu City Council (MBKT) initiative, which installed Solar PV systems at the MBKT Tower's parking area and rooftop. 'The Solar PV system at MBKT is the largest installed on a building owned by a local authority under the Net Energy Metering (NEM 3.0) programme, under the NEM GoMEN category, approved by the Sustainable Energy Development Authority (SEDA) Malaysia on Dec 16, 2021. 'It has been operational since Jan 2, 2024, and is estimated to generate 1,147 megawatt-hours (MWh) of green electricity annually, resulting in estimated electricity bill savings of 11 per cent or over RM200,000 per year,' he said. He was speaking to reporters after inspecting the Solar PV installation at the MBKT Tower today during the PETRA Squad East Zone Roadshow, a two-day event held in Kelantan and Terengganu that began yesterday. Fadillah also said the PETRA Squad tour continued to the Large-Scale Solar (LSS) Coara Marang plant to observe its operation firsthand, which is part of the government's initiative under the LSS3 programme. 'The energy capacity generated by this plant is estimated to supply electricity to more than 10,000 households daily and is among the most advanced solar plants in terms of technology and efficiency. 'Besides helping to reduce carbon emissions, the LSS Coara Marang project also serves as a model for disaster-resilient solar plant design suitable for development in flood-prone areas, thereby strengthening the resilience of the country's energy sector,' he said.
