Asia’s wave of utility-scale floating solar PVs

11 March 2020 - 12:00 am UTC

Only just over 1 GW of floating solar projects were installed globally at the end of 2018. Now governments in South Korea, Taiwan, India and elsewhere in Asia are getting behind the technology and the first utility-scale scheme is being project financed. Orestes Georgiou Daniel reports.

Debt is close to being signed for the first project financed utility-scale floating solar PV (FPV) farm in Asia: Taiwan’s 184 MW Changhua 1 & 2 project, which Marubeni recently acquired from I Squared Capital.

The lenders are set to include Credit Agricole and DBS Bank, and three local lenders – Fubon Bank, KGI and SinoPac, according to SparkSpread.

Banks that missed out will be looking at what comes next: A spate of utility-scale FPV projects being awarded across the region in Taiwan, Indonesia, Singapore, Vietnam, Thailand and India over the past year.

Renewable energy generation has been making inroads in the Asia-Pacific region for some time now, with targets for solar and wind – both offshore and onshore – making up a significant portion of several governments’ energy targets in the new decade. More recently, floating solar farms are increasingly coming into play as an additional option, particularly in areas where the flat land needed for ground mounted solar is scarce or difficult to obtain.

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