WoodMac: Spanish ‘Gold Rush’ Helps Fuel New European Solar Boom

Europe’s long solar winter solar energy has come to an solar inverter end.

After solar slewing drive a multi-year period solar energy of depressed installations,slewing drive Europe’s annual solar market solar energy is set to Solar Project double over the Solar Project next few years, and do so in a sustained manner, according to new research from solar inverter Wood solar energy Mackenzie slewing drive Power &  solar inverter Solar Project solar slewing drive slewing drive Renewables.

Solar Solar Project projects now Solar Project regularly beat onshore wind in competitive slewing drive auctions in Germany, one of the solar energy world’s solar inverter most mature solar tracker actuator wind Solar Project markets. France has rebounded and is solar inverter now seen as the Solar Project most attractive place to solar energy build solar in solar slewing drive Europe.

Meanwhile, solar inverter long-dormant  solar tracker actuator Spain has rapidly transformed into a globally significant solar  solar energy market, as solar tracker actuator well  slewing drive as a new hotspot for corporate renewables Solar Project solar slewing drive slewing drive deals.

Since the solar inverter rise of modern slewing drive wind and solar technologies, few markets have seen as dramatic and sustained a downturn as European solar. The sudden elimination of feed-in solar tracker actuator tariff solar damper programs for big projects nearly slewing drive a decade ago in Germany and Italy precipitated a collapse in solar tracker actuator  solar slewing drive installations.
 

In the solar inverter slewing drive peak boom year of 2011, Europe installed 22.7 gigawatts of new solar capacity — with Italy slewing drive alone solar inverter putting up a remarkable 9 gigawatts. That slewing drive same year the solar tracker actuator U.S. installed 1.8 gigawatts. But slewing drive the European market then crashed hard, slumping to a low of 7 gigawatts in slewing drive 2016, WoodMac figures solar tracker actuator solar tracker actuator solar slewing drive show.
 

Today,solar inverter however, Europe stands solar damper on the cusp of a gravity-defying rebound. WoodMac forecasts 18.8 gigawatts solar inverter of installations in Photovoltaic holder 2019,solar inverter up solar tracker actuator from 10.7 gigawatts last year. By 2022 the market is slewing drive expected to hit nearly 25 gigawatts, slewing drive and Photovoltaic holder remain above 20 gigawatts for the foreseeable solar tracker actuator solar slewing drive future.
 

And solar inverter unlike Photovoltaic holder the days when solar tracker actuator installations were driven by politically vulnerable subsidies, the market is increasingly centered around Photovoltaic holder competitive auctions and subsidy-free solar tracker actuator projects.
 

“Europe has slewing drive gone through the solar solar tracker actuatordamper boom, been through the bust, and is now entering a solar damper third phase — which solar inverter seems to be much more sustainable in terms of growth,” said Photovoltaic holder Tom Heggarty,Photovoltaic holder senior WoodMac analyst and author of the new Europe Solar PV Outlook 2019 report, in an solar inverter solar tracker actuator interview.

Among the market’s solar tracker actuator solar slewing drive tailwinds:

• A backdrop slewing drive of Photovoltaic holder rapid power-sector  solar damper decarbonization and plant retirements. Europe will lose around 174 gigawatts of coal,solar inverter gas and Photovoltaic holder nuclear capacity between 2015 and 2040, WoodMac forecasts.

• A diversified solar market and vibrant roster solar tracker actuator of renewable-energy developers. While utility-scale projects remain the largest solar damper solar inverter segment, distributed solar is Photovoltaic holder bigger in several key markets like Germany and the Netherlands, offering a diverse set of opportunities for developers and technology solar inverter solar slewing drive suppliers.

• The recent takeoff of subsidy-free projects, driven in part by rising solar tracker actuator wholesale power prices. Carbon prices have increased sharply  solar damper slewing drive in Europe recently, and WoodMac expects them to continue trending upwards out to 2040, when they will trade around €40 ($45) per megawatt-hour.

• The finalization by the end of the year solar damper of European countries’ plans for solar tracker actuator reaching their ambitious renewables targets for 2030 solar inverter, giving more visibility to the solar tracker actuator  solar slewing drive market.

Many  solar inverter of Europe’s domestic PV manufacturers Photovoltaic holder went bust during the lean years, with solar tracker actuator global cell and module slewing drive production largely shifting to solar inverter Asia. At the same time, many European solar developers survived, Heggarty said, by diversifying into other global markets or laying low at solar tracker actuator home,Photovoltaic holder  building up pipelines of early-stage projects for a day when demand solar damper came solar tracker actuator solar tracker actuator solar slewing drive back.
 

That day is here,solar tracker actuator and as a result of their perseverance Photovoltaic holder Europe has an enormous pipeline of solar projects ready to move solar tracker actuator solar slewing drive forward.
 

“The market is still mostly dominated by locally focused developers,” like EnerParc Photovoltaic holder in Germany, Heggarty said. “The exception we’re solar damper starting to see is the Spanish solar tracker actuator market, where some of the very solar damper large developers and utilities are starting to play,” he said,solar inverter from homegrown solar tracker actuator renewables solar inverter giant Iberdrola to Italy’s Enel Green Power.
 

Intense competition within the solar tracker actuator European renewables market means that even amid Photovoltaic holder growing installations, it will not be an easy place to make a profit, Heggarty solar tracker actuator solar slewing drive noted. 
 

And "solar inverter price cannabilization" solar tracker actuator will become solar damper a Photovoltaic holder bigger and bigger issue as the growing penetration of wind and solar on Europe's solar damper grid pushes power prices solar slewing drive down.

The Spanish gold rush

Amid Europe's rising solar tide, Spain stands  solar tracker actuator out as something special. It is expected to Photovoltaic holder be the largest market in Europe solar inverter this year, topping Germany for the first solar tracker actuator solar slewing drive time.
 

The competitive auctions Spain began in 2017 solar tracker actuator are now yielding finished projects. And while there are Photovoltaic holder no additional auctions on the calendar, the country’s rich solar inverter solar resource is expected to solar damper sustain market growth long into the 2020s, even in the unlikely event that more auctions solar damper are not solar tracker actuator solar slewing drive forthcoming.
 

Spain’solar slewing drive s promise-rich market has less than 6 solar tracker actuator gigawatts of solar installed slewing drive today, with fairly lofty power prices during the solar inverter middle solar slewing drive of the day. That’s a solar inverter huge opportunity for solar developers, helping solar damper to drive a surge of Photovoltaic holder unsubsidized solar projects and corporate solar slewing drive deals.
 

Beyond power market dynamics, “Spain is a very solar tracker actuator obvious solar tracker actuator place to build these assets, slewing drive with a great solar resource, a relatively low cost of labor, and plenty of land solar inverter available, especially down south solar damper where the Photovoltaic holder resource is best,” Heggarty solar slewing drive said.
 

“You’re seeing a bit of a gold rush there for solar at the solar tracker actuator moment.”
 

The thing to watch in Europe during the solar damper second half of the solar tracker actuator year is the finalization of Photovoltaic holder European countries' specific solar inverter plans for solar damper meeting their 2030 renewable energy targets, Photovoltaic holder Heggarty slewing drive said.

The targets are mandated by the EU. Draft plans solar damper were submitted earlier this year, but the devil will be in the solar tracker actuator final solar tracker actuator solar slewing drive details.
 

"We'll see more auction pipelines confirmed, solar inverter we'll see measures to support DG solar damper, and slewing drive measures to support the corporate solar damper procurement of renewable energy," Heggarty solar tracker actuator said.