Solar and offshore wind to help renewables double in Asia this decade: Fitch Solutions

Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, which will more than double between 2020 and 2029 to a capacity exceeding 1,500GW, Fitch Solutions forecast.

As Chinese solar manufacturers have continued to expand their manufacturing bases outside China, a local supply chain further lowers prices for domestic use in these markets, in particular in Southeast Asian countries such as Malaysia, Thailand and Vietnam.

Fitch Solutions also expects several proposed policies to boost the development of wind at sea in Vietnam, with the market growing from its current base of 750MW of connected capacity to over 7GW by 2029. The government is in the process of amending seabed lease and licensing requirements for large-scale offshore wind farms.

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