China‘s solar industry has observed a substantial increase in photovoltaic (PV) installations, reaching 142.56 GW in the initial ten months of 2023, as reported by the National Energy Administration (NEA) on November 22nd.
The data discloses a notable year-on-year surge of 144.78%, with October contributing 13.62 GW, indicating a growth of 141.49%.
The cumulative installed PV capacity in China has now reached 535.76 GW, marking a substantial 47.0% year-on-year increase.
As of the end of October, the nation’s total power generation capacity is at approximately 2810 GW, reflecting a robust 12.6% year-on-year growth.
In the broader context of China’s power generation landscape, major power enterprises have invested 662.1 billion yuan in power projects during the first ten months of 2023, up 43.7%.
Notably, investments in solar power projects have surged by 71.2%, totaling 269.4 billion yuan, highlighting China’s commitment to renewable energy sources.
Projections indicate that the annual installed capacity in 2023 will reach 170 GW, showcasing a 90% increase.
Looking forward, by the end of 2023, the cumulative grid-connected PV capacity is expected to reach 560 GW, constituting approximately 20% of the total installed capacity.
