China’s World-Beating Solar Boom Is Heading for a Record Year
- Industry group forecasts 95 to 120 gigawatts of extra capacity
- Likelihood of lower polysilicon prices to spur installations
Photovoltaic panels at a solar farm, Qinghai province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China is set to install a record 95 to 120 gigawatts of solar power this year as equipment costs fall and it pushes ahead with plans to build a massive amount of renewables in inland areas.
The forecast from the China Photovoltaic Industry Association follows additions of 87.4 gigawatts last year, also an all-time high. The growth in 2022 occurred even as prices of polysilicon, a key material for panels, soared to the highest in a decade on a supply shortfall. A decline this year looks set to spur more installations.