01 Aug China’s renewable energy capacity tipped to continue growing to 2020
Wind and solar power could account for up to a quarter of China’s total installed capacity by 2020, according to analysis by energy consultancy group Wood Mackenzie.
In particular, solar power capacity is set to more than double by 2020, taking into account all planned and announced projects set to come online across the Asian powerhouse nation.
Falling component costs associated with solar projects were earmarked as an important driver of capacity growth in the report.
Frank Yu, the principal consultant for Asia-Pacific power and renewables at Wood Mackenzie, said: “Driven by a decline in component costs and technology advancement, solar generation could be 10% cheaper than last year in 2017.
“We believe the ongoing cost decline will continue to boost solar capacity growth.”
The analysis also estimated that China’s wind power capacity would increase by 40% by 2020, combining with solar power capacity to equal around a quarter of China’s total power capacity.