China's National Energy Administration (NEA) says the country's new solar PV installed capacity during the initial 3 months of 2024 rose by around 36% annually. The 45.74 GW new additions during the quarter saw an improvement of 12.08 GW over the previous year.
Nevertheless, the growth of new additions during the reporting quarter pale in comparison with the 155% annual increase in Q1/2023 when China reported 33.66 GW new installations (see 155% YoY Increase In China's Q1 Solar Installations).
This takes China's cumulative installed solar PV capacity at the end of March 2024 to around 660 GW, representing an annual increase of 55%. Wind power capacity increased to 460 GW with new additions of 15.5 GW in Q1/2024.
Together, both these technologies now represent 1.12 TW aggregate capacity. Another 80 GW, in all probability to be achieved this year, will ensure China will achieve its 1.2 TW wind and solar target years ahead of the 2030 target (see China NDC For 1.2 TW Wind & Solar By 2030).
China accounted for 217 GW of new solar, according to the NEA, with 53 GW added in December 2023 alone. However, this year, the installation spree is likely to slow down as the PV industry starts to feel the pinch of land and grid constraints.
In addition, the Chinese PV market will also face the effects of overcapacity and low module prices, according to the China Photovoltaic Industry Association (CPIA) that forecasts China to install 190 GW AC to 220 GW AC new solar PV capacity in 2024 (see Industry Expects Chinese Solar Installation Spree To Slow Down).