Fitch Report: 10GW Floating PV Applications in 2025 Are to Be Added


Fitch Reported that the world is expected to increase new 10GW floating PV programs in 2025.

Fitch Reported that the world is expected to increase new 10GW floating PV programs in 2025.

According to a report from Fitch Solutions Company, on account of greater interest of investors, PV program has been developing larger. In the next few years, public floating PV program will take off in the world. The globe is going to develop nearly 10GW floating PV programs in the next 5 years.

Some countries from Asian market like China, Korea, India, Thailand and Vietnam is likely to go ahead of the rest.

The report pointed out that, although floating PV industry has existed for more than decades, it still lacks cognition and standard in the aspect of environmental impact and laws & regulations, which puts PV program at relatively higher risk.

It is reported that such technology still has much room for exploitation. Up to the end of 2019, the installed capacity of global floating PV is less than 3GW, inferior to 1% of gloabal solar energy capacity.

However, floating PV technology is getting more and more application as people grow their interest based on deeper understanding of its benefits, decreased cost and a series of successful pilot program. Fitch emphasized that, when installing in reservoirs, floating PV has the potential of reducing water evaporation and restricting algae growth. Meanwhile, water can cool down solar cells, improving generating capacity of certain program. At the same time, the colocation of floating PV and hydropower program means PTD infrastructure is in position, lowering the cost of some construction related to grid connection.

Fitch has over 50MW data of floating PV station in its database, which including 16 new solar power programs that account for a total amount of 11GW. Those programs are either in a planning stage or under construction.

The data shows Asia leads the construction of floating PV program, occupying 14 programs out of 16. Floating PV power station in Cixi, China is the largest floating PV program in the world, owning 320MW power plants in Asia, in the meantime, a 2.1GW program under construction in South Korea. Construction activities are also recovered in India. Damodar Valley Corporation and NTPC, two electric power companies, commit themselves to develop a series of floating PV portfolio project. Beyond Asia, Fitch pointed out, countries like Brazil, Tunisia, Franch and USA are getting greater interest on this field. While many projects are below the 50MW threshold, they aren’t included in Fitch database.

Floating PV Plants

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