Solar, Wind Developers Plan to be Busy in North America For Next Five Years

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Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Between 2020 and 2024, solar power developers plan to begin construction of about 819 projects across North America valued at roughly $108.3 billion, according to Industrial Info's Global Market Intelligence™ platform.

The vast majority of these planned solar generation projects are slated to be built in the U.S., followed by Mexico and Canada.

Click on the image at right to see a graphic showing how many solar power projects are planned for construction in North American countries over the 2020-2024 period.

Industrial Info does not expect all of those projects to begin construction according to their current schedule.

Narrowing that list to projects with a medium or high probability of kicking off construction according to schedule shrinks the list significantly - to approximately 501 projects with a total investment value (TIV) of about $65 billion. Projects with medium probability have a 70% to 80% likelihood of beginning construction on schedule. A high-probability project has an 81% to 99% chance of breaking ground on schedule.

North American solar projects with a medium or high probability will overwhelmingly be built in the U.S., followed by Mexico and Canada, respectively.

Click on the image at right to see a graphic showing the number of medium- and high-probability solar projects that are expected to be built in North America over the 2020-2024 period.

The North American states and provinces with the greatest dollar value of high- and medium-probability solar projects include:

• California (61 projects valued at $11.12 billion)
• Texas (16 projects valued at $5.96 billion)
• Nevada (16 projects valued at $4.94 billion)
• New York (54 projects valued at $3.74 billion), and
• Coahuila, Mexico (12 projects valued at $3.28 billion

Click on the image at right to see the 10 North American states or provinces with the greatest dollar value of high- and medium-probability solar construction projects that are scheduled to kick off between 2020 and 2024.

U.S. solar power projects continue to be eligible for the federal Investment Tax Credit (ITC) beyond 2020. In the wind power arena, Congress last week passed a one-year extension of the federal Production Tax Credit (PTC) for wind power as part of an omnibus spending bill. The one-year extension would end December 31, 2020.

Windpower developers continue to propose building new generating facilities in 2020. For more on that, see December 5, 2019, article - Wind Edges Out Solar in Planned 2020 U.S. Renewable Power Project Starts.

In fact, wind power developers have scheduled construction to begin on about 216 high- and medium-probability projects across North America over the 2020-2024 period. The aggregate value of these projects is about $63.4 billion.

Click on the image at right to see a graphic showing wind power project activity in North America over the 2020-2024 period.

The states with the greatest dollar value of new-build wind project activity are:

• Wyoming (15 projects valued at $9.23 billion)
• Texas (14 projects valued at $4.64 billion)
• Oklahoma (7 projects valued at $4.5 billion)
• Illinois (13 projects valued at $3.53 billion), and
• Alberta (17 projects valued at $3.37 billion)

Click on the image at right to see the 10 North American states or provinces with the greatest dollar value of high- and medium-probability wind power projects scheduled to begin construction between 2020 and 2024.

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 https://www.industrialinfo.com.