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.
