Vietnam blasts past Australia
 

August 2019

Vietnam blasts past Australia 

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Article: World’s largest solar project proposed in Australia, connected to SE Asia via subsea cable 


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RenewableCube: Up to date, detailed, and comprehensive database of solar, wind and storage assets in Australia, India and SE Asia

Renewable product updatesIn July 2019, 13 Australian assets developed by 9 companies were added to the RenewableCube, accounting for 874 MW of capacity. Of the 13 new projects, 11 are solar, 2 are storage and no wind projects. Data for a further 43 projects, covering 13,316 MW, was updated.


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Vietnam Overtakes Australia in Operational Utility PV

Few would have predicted Vietnamese utility PV to exceed Australia's by mid-year. Australia’s operating capacity has risen from under 0.6 gigawatts (GWac) to 2.7 GWac over the past 12 months – a fourfold increase. The Vietnamese market has gone from less than 10 megawatts (MWac) of operational capacity as of June 2018, to over 4.0 GWac at the time of writing. The commissioned capacity in Vietnam has exceeded our high case published in November 2018, due to a number of projects starting construction in the last few months and completing commissioning in June. Over 60% of this capacity was commissioned in June alone, as developers scrambled to meet the Feed in Tariff (FiT) deadline. The average time for construction and commissioning in Vietnam was just 275 days, which highlights the exceptional speed of Vietnam’s accomplishment. 

Figure 1: Vietnam Overtakes Australia in 2018 and 2019. Source: Rystad Energy RenewableCube

South Energy becomes Victoria’s top solar developer in RenewableCube

South Energy, with its five Victorian solar farms, has overtaken the likes of Leeson Group, Total Eren and ESCO Pacific to become the state's top solar developer. All of South Energy’s and Esco Pacific’s projects have yet to break ground. Leeson is currently constructing the Cohuna Solar Farm, and Total Eren is constructing Kiamal Stage 1 – both developers with various other projects in the pipeline. 

Figure 2: Top Solar Developers in Victoria. Source: Rystad Energy RenewableCube

Pedal to the metal for EV Adoption

When it comes to growth, it's pedal to the metal for electric vehicle (EV) manufacturers as EV adoption skyrockets globally. Sales reported in 2018 comes in at 1.975 million units – 77% higher than the previous year – and 2019 is on track to surpass this benchmark by at least 30%. Despite the growth, questions remain whether manufacturers can overcome supply-side constraints and the removal of subsidies, which may pump the brakes on the journey towards a bright electric future. Nonetheless, this year’s bevy of updated manufacturer strategies target 31.3 million in sales in 2025, an ambitious upward revision of 9.8 million units.

Figure 3: A bar chart showing the total BEV and PHEV Sales targets from 2016 to 2025. Source: Rystad Energy research and analysis

Nirmala Sitharaman’s maiden budget shows promise

On 7 July 2019, India’s new Finance Minister Smt Nirmala Sitharaman presented the Union Budget 2019-20. Prime Minister Modi terms it as “Green Budget” which covers various reliefs, schemes to help meet the renewable target of 175GW. The budgetary allocation of Rs. 3.004 billion for solar (both grid-connected and off-grid), a mere increase of just 1.1 percent from last year’s Rs. 2.969 billion. Rs. 5 billion has been allocated for the green energy corridor which aims to synchronize electricity produced from renewable sources with conventional power stations in the grid.

Figure 4: A graph showing the reflection of solar installed capacity over the year for allotted budget. Source: Rystad Energy Oil Markets