Report: Global Renewable Capacity Grows by 260 GW in 2020, Led by China, U.S.

Researched by Industrial Info Resources (Sugar Land, Texas)--The world added more than 260 gigawatts (GW) of renewable energy capacity last year, representing a 10.3% increase in installed capacity over 2019, the International Renewable Energy Agency (IRENA) (Abu Dhabi, United Arab Emirates) announced Monday. The growth exceeded expansion in 2019 by close to 50%, the organization said.

China and the U.S. were the two largest growth markets from 2020. China added 136 GW last year, with the bulk coming from 72 GW of wind and 49 GW of solar, IRENA said. The U.S. installed 29 GW of renewables last year, nearly 80% more than in 2019, including 15 GW of solar and about 14 GW of wind.

Industrial Info tracked more than $219 billion worth of renewable energy projects that were completed last year across the globe.

Click on the image at right for a graph showing the project completions by world region.

IRENA Director-General Francesco La Camera noted the gains were made despite the COVID-19 pandemic.

"Despite the difficult period, as we predicted, 2020 marks the start of the decade of renewables," La Camera said. "Costs are falling, clean-tech markets are growing and never before have the benefits of the energy transition been so clear."

At the end of last year, global renewable generation capacity amounted to 2,799 GW, with hydropower accounting for the largest share (1,211 GW), "although solar and wind are catching up fast," according to the IRENA announcement. "The two variable sources of renewables dominated capacity expansion in 2020 with 127 GW and 111 GW of new installations for solar and wind, respectively."

For 2021, Industrial Info is tracking more than $348 billion in potential renewable energy project completions, including $312 billion that fall within the medium- (70-80%) and high-probability (81-99%) categories.

One of the more substantial projects set for completion this year is Nalcor Energy's (St. John's, Newfoundland and Labrador) $7 billion grassroot, 836-megawatt (MW) Muskrat Falls Hydro Station near Churchill Falls, Newfoundland and Labrador. Final commissioning is underway, with completion expected by third-quarter 2021. The facility consists of a spillway, three dams and a powerhouse, and will be the second-largest hydroelectric facility in the province when complete, according to Nalcor. For more information, see Industrial Info's project report and December 24, 2020, article - Report Lays Out Two Different Energy Scenarios for Canada.

In China, construction is expected to wrap up this year on the $4.8 billion Jinsha River Wudongde Left Bank Hydropower Station in Sichuan Province. China Three Gorges Group Corporation is conducting the final commissioning for the 5.1-GW station, which includes a 240-meter-high arch dam. For more information, see Industrial Info's project report.

In the U.S., Pegasus Group Holdings (Las Vegas, Nevada) is underway with its 340-MW solar array, known as The Hive, in Mohave County, Arizona. The array will include 160,000 solar panels fixed to mobile trailers placed across 717 acres. The facility will provide power to an upcoming data center, and excess power will be released to the grid. The project is expected to wrap up this summer. For more information, see Industrial Info's project report.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.