Global Solar Farm Market Is Projected To Reach $261 Billion By 2027 – EQ Mag Pro
PALM BEACH, Fla. : Solar farms are areas where numerous solar panels are installed to collect solar energy & generate electricity. These are different from rooftop solar systems & commercial solar powers systems and consist of decentralized ground-mounted panels extensively installed across the land to provide power across houses, businesses, and electric grids. Over the last few years, the solar water farm market has been developing at a considerable pace attributable to low cost of PV panels and strong presence of solar water farm producers.
Furthermore, awareness toward solar water farming is increasing among consumers, due to implementation of government regulations to promote production of energy from renewable sources to reduce dependency on fossil fuels and to minimize the emission of pollutants. According to the U.S. Solar Energy Industries Association (SEIA), the government has implemented laws such as net metering and community solar to promote the use of photovoltaic technology to generate electricity.
According to MarkNtel Advisors, the Global Solar Farm Market is projected to grow at a CAGR of around 18.50% during 2022-27. The market growth principally attributes to the low cost of PV (Photovoltaic) panels entwined with the availability of numerous solar farm producers investing substantially in the market to generate eco-friendlier energy and cause less pollution than generated by fossil fuels. Another report from Allied Market Research projected that the Global solar farm market is projected to reach $261.0 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027. Active Solar Companies in the markets today include VivoPower International PLC (NASDAQ: VVPR), First Solar, Inc. (NASDAQ: FSLR), Enphase Energy, Inc. (NASDAQ: ENPH), Sunrun (NASDAQ: RUN), SunPower Corp. (NASDAQ: SPWR).
The Allied report said: “In countries such as the U.S., Spain, and France, consumers can utilize photovoltaic energy for their own electricity need and sell the remaining solar power that they do not use. The Chinese solar photovoltaic industry has witnessed significant growth as compared to any other countries over the years. According to the China Photovoltaic Industry Association, China’s capacity for photovoltaic energy grew by 34% year-on-year in 2018. Total installed PV capacity surpassed 170 gigawatts at the end of 2018 compared to 136 gigawatts in 2017. These regulations are promoting the use of photovoltaic technology. Hence, it is expected that these regulations will have a positive impact on the solar pumps market. In addition, with increased use of photovoltaic technology, the demand for solar farm is expected to rise significantly.”
VivoPower International PLC (NASDAQ: VVPR) BREAKING NEWS: VivoPower International PLC Announces Largest Solar Contract to Date for the 204MWdc Edenvale Solar Farm VivoPower International PLC (NASDAQ: VVPR) (the “Company”) is pleased to announce that its wholly-owned subsidiary in Australia, J.A. Martin Electrical Pty Limited (“J.A. Martin”), has been awarded an A$11.7m contract to complete all electrical works for the 204MWdc Edenvale Solar Farm in Queensland, Australia.
Construction has already commenced with the project to be the fifth utility scale Australian solar farm completed by VivoPower’s Aevitas business unit in Australia, bringing the completed and contracted solar farms to over 650MWdc. Once energised, the Edenvale Solar Farm will generate approximately 425,000MWh of clean energy per year and avoid the emission of 300,000 tonnes of carbon dioxide into the atmosphere, equivalent to the amount generated by approximately 83,000 internal combustion engine vehicles.
Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer, said: “Since establishing our solar solutions business in Australia, we have seen revenue grow at a 62% compound annual growth rate (CAGR) since FY2019 (based on actual and forecast contracted revenue through to June 30, 2022). In addition, over the past quarter, we have seen a step change increase in the pipeline of additional solar project opportunities across the Australian market and we are very well positioned to win and deliver on further contracts.”
First Solar, Inc. (NASDAQ: FSLR) recently announced that it has entered into definitive agreements with funds managed by PAG Real Assets (“PAG”), pursuant to which PAG will acquire from First Solar its 293 megawatts (MW)DCutility-scale solar project development platform, and a solar operations and maintenance (O&M) platform with approximately 665 MWDC under management, in Japan. The transaction is expected to close in the second quarter of 2022 for the project development platform and the second half of 2022 for the O&M platform, in each case after obtaining regulatory approvals, the receipt of third-party consents and satisfying other customary closing conditions.
PAG is a leading Asia Pacific-focused private investment manager with more than $50 billion in assets under management. Subject to closing of the project development platform acquisition, PAG is expected to add First Solar’s project development platform to its existing portfolio of solar farms in Japan, creating one of Japan’s largest renewable operators with over 600 MWDC of capacity. In 2021, PAG acquired two projects under development by First Solar in Japan with a total capacity of 50 MWDC. Upon each respective closing, the majority of First Solar project development and O&M employees in Japan will join PAG.
Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, recently announced that a growing number of Australian solar installers are now exclusively offering Enphase® products, as increased solar safety regulations and compliance standards come into effect across the country.
In May 2022, AS/NZS5033:2021, an update to installation and safety requirements for photovoltaic (PV) arrays, came into effect nationwide in Australia. The revised regulations aim to support solar installers in meeting compliance requirements and promoting consumer and electrical contractor safety. The standard details new compliance measures for direct current (DC) central (“string”) inverter-based solar systems, including restrictive cable runs, IEC 62930 compliant DC cable, and high visibility DC voltage and warning signs. In contrast, alternating current (AC) decentralized inverter-based solar systems operating at extra-low voltage, such as installations with Enphase microinverters, are exempt from most new regulations. As a result, some Australian solar installers are exclusively leveraging Enphase technology to help insulate their businesses and customers from electrical risk and future regulatory changes.
Sunrun (NASDAQ: RUN), the nation’s leading home solar, battery storage, and energy services provider, recently held a ribbon cutting ceremony to celebrate the completion of a new solar installation serving 70 affordable rental homes in San Jose, California. The Don de Dios Apartments solar project will provide 136 kilowatts (kW) of clean energy. Residents will receive solar credits on their electricity bills estimated to be worth over $45 per month, more than $900,000 in total resident savings over the next 20 years.
The multifamily housing solar installation required no upfront payment from renters and will generate an immediate 54% in energy savings at the facility, freeing up $1,800 annually in the property budget. “We’re dedicated to democratizing energy and increasing access to affordable, reliable, clean power for everyone—whether you rent or own your home,” said Mary Powell, Sunrun’s CEO. “Our efforts are supporting over 500 solar projects on affordable housing units, which we anticipate will deliver $13.5 million in annual solar savings directly to tenants, as well as thousands of hours of solar job training to residents in disadvantaged communities.”
SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, recently announced financial results for the first quarter, ending April 3, 2022.
“SunPower delivered strong first quarter results, driven by a record $336 million non-GAAP residential revenue, representing 41% growth year-over-year. Demand is accelerating as consumers look to solar as a more stable, secure and sustainable energy source, and this is evident as we enter the second quarter with a record backlog and pipeline for new homes,” said Peter Faricy, SunPower CEO. “We are executing across our key growth pillars and making strategic investments to ensure SunPower can capture this demand. This includes securing nationwide coverage through our direct business and dealer network, creating a world-class customer experience, building out our installation capacity, and developing industry leading financial products, hardware and software solutions.”
