Power generation from solar PV increased by a record 270 TWh in 2022, up by 26% on 2021. Solar PV accounted for 4.5% of total global electricity generation, and it remains the third largest renewable electricity technology behind hydropower and wind.
The key consideration during project development is the balance of expenditure and risk. There is no definitive detailed “road map” for developing a solar PV project. The approach taken will depend on the developer’s priorities and requirements such as risk profiles or deadlines, as well as site dependent parameters.
The evolution of the solar PV industry so far has been remarkable, with several milestones achieved in recent years in terms of installations (including off-grid), cost reductions and technological advancements, as well as establishment of key solar energy associations (Figure 5).
By 2050 solar PV would represent the second-largest power generation source, just behind wind power and lead the way for the transformation of the global electricity sector. Solar PV would generate a quarter (25%) of total electricity needs globally, becoming one of prominent generations source by 2050.
Solar PV is emerging as one of the most competitive sources of new power generation capacity after a decade of dramatic cost declines. A decline of 74% in total installed costs was observed between 2010 and 2018 (Figure 10).
The development phase of the project takes the project from the feasibility stage through to financial closure. The suggested scope of work in this phase consists of: Preparation and submission of the permit applications for the proposed solar PV project. Preparation and submission of a grid connection application.