Global Solar Boom Continues in 2016: SolarPower Europe

2016 marked another record solar boom year with a 50 percent growth in solar additions worldwide totaling 76.6 GW of installed capacity, according to SolarPower Europe's report on Wednesday entitled Global Market Outlook for Solar Power 2017-2021

There is now a total worldwide solar power generation capacity of 306.5 gigawatts (GW) and demand should continue to rise through to 2021, SolarPower's report shows.

"The quickly decreasing cost of solar continues to improve its competitiveness and is a major driver for solar energy’s global success story. All solar tenders awarded since 2016 are lower than the price guarantee the U.K. government signed for the Hinkley Point C nuclear power plant last year," the report indicated.

A new world-record low 25-year solar power supply contract was awarded in Abu Dhabi in 2016 for US$24.40 per megawatt-hours or $0.024 per kilowatt-hour (kWh).

Christian Westermeier, president of SolarPower Europe said that they have never seen more solar power being installed before in a single year than in 2016.

"For the first time, solar left behind its renewable energy peer, wind, in terms of annual installations. This proves the versatility and increasing cost-effectiveness of solar power," he added.

James Watson, CEO of SolarPower Europe said the company foresees that solar will continue its growth in 2017.

"Despite the gigantic leap that resulted in the more than 50 percent growth year on year of annual solar installations in 2016, there is a good chance that the market could even pass the 80 gigawatt mark in 2017," he added.

(Anadolu Agency)

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