The growing market for green projects is opening up investors to cash into these projects with 36 countries in the run to generate over 1 gigawatt from solar energy. A report filed by Fitch Solutions demonstrates that countries like Vietnam, Zambia, and Saudi Arabia will expand their solar potential in the future. The report outlined that 36 countries are in the race to surpass the 1-gigawatt mark in solar energy production. An additional 70 countries align themselves to generate a minimum of 700 megawatts from the intense solar radiations. 

Additionally, 49 countries have indicated that they will be doubling their solar power production, with markets like Zambia, Saudi Arabia, and Zimbabwe displaying explosive growth in this sector through their ten-year plans. Moreover, the report stated that lenient energy policies, plummeting costs of solar resources, reliability of solar utilities, and investors’ developing interests to channel their efforts in this sector would accelerate the expansion of this industry. Numerous developers and financial agencies are pressing to obtain entry into renewable energy programs after realizing that they are going to shape the countries with huge profits and fewer taxes. Fitch projects the number of countries with solar potential exceeding 1 gigawatt to rise from 36 this year to 50 by the end of the coming decade. 

Additional mega investments have come into the solar market for the last one-and-a-half years. The US Trade and Development Agency (USTDA) committed to supporting the pilot project of the 150 MW hybrid solar, wind, and battery plant project gracing the northern parts of Zambia. Furthermore, the Kingdom of Saudi Arabia’s Private Investment Fund (PIF) increased its shares in ACWA Power to reach 50%, hoping to induce the country’s support for renewable energy. The Vietnam market currently indicates growth potential in the renewable energy industry, reaching 10 gigawatts through to 2030. The country will be unveiling its Power Development Plan through this decade, with experts anticipating high emphasis on transitioning to renewable energy. 

Fitch Solutions projects the global solar energy potential to surpass 14040 gigawatts through to 2030. The company stated that this target is achievable if China and the USA revolve around shifting to renewable energy. For instance, China will contribute to 40 percent of the sector’s projected clean energy capacity. On the other hand, the US can contribute to half the capacity if its new president fulfills the promises he made and also lifts the import tariffs imposed by his predecessor.

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