Asia demand to fuel global solar power growth

Growing power demand in Asia is encouraging the private sector to develop more solar photovoltaic (PV) projects in the region despite a projected slowdown in operations, according to a study.

Think tank Fitch Solutions, through its unit BMI, said Asias project pipeline for solar PV remains the largest in capacity globally at 207.68 gigawatts (GW).

Asias power consumption will be the largest growing, which reflects the growing need for more large-scale power projects, Fitch said in its report.

Large-scale solar PV projects, coupled with increasing energy storage systems, will serve the markets ambitions to replace conventional thermal power plants and meet the growing electricity demand, it added.