Even though this pandemic will undoubtedly influence the market, and the 100 per cent clean energy goals of many countries in the immediate future, demand for solar is still up. Investors and banks still see solar power as a AAA investment.
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Tech giants that will require more and more data-center capacity tied to renewables can find skilled workforces, inexpensive land, and extensive transmission infrastructure in such locales.
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A sustained period of low oil prices will affect clean energy investments as oil companies and governments modify their strategies.
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The US Department of the Interior (DOI) and the Bureau of Land Management (BLM) have granted the final approval for what they say will be the largest solar-power project in the U.S., a $1 billion installation in Nevada that could power about 260,000 households—enough to cover the residential population of Las Vegas. The land proposed for the 690 MW Gemini solar project is on the Moapa River Indian Reservation, 33 miles northeast of Las Vegas.
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Australia’s largest renewables project has got a step nearer after being recommended for approval by the Environmental Protection Authority (EPA) of the state of Western Australia. The Asian Renewable Energy Hub (Areh), which could feature up to 15 GW of solar and wind generation capacity, would supply the Pilbara region and develop a green hydrogen manufacturing hub for domestic use and export to Asia.
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The unavailability of large swathes of land has forced developers in the solar power segment to look elsewhere to set up solar power plants in a more sustainable manner. In this regard, canal tops, hybrid power and other such technologies have emerged as important solutions. A recent phenomenon of this is also the emergence of floating solar power plants, or floatovoltaics, which have found a considerable market in the Southeast Asian region.
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