Vietnam has overtaken Australia in commissioned utility-scale solar photovoltaics (PV), according to Rystad Energy.
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, on the other hand, has gone from less than 10 megawatts (MWac) operational as of June 2018 to over 4.0 GWac, a 400-fold increase.
“Few would have predicted Vietnamese utility PV to exceed Australia’s by mid-year. The commissioned capacity in Vietnam has exceeded our high case,” says David Dixon, senior analyst on Rystad Energy’s renewables team.
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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 275 days, which highlights the exceptional speed.
The breakneck speed in development is making Vietnam a powerhouse in the region, according to Rystad Energy, an independent energy research and consulting firm headquartered in Norway with offices across the globe.
“We forecast an additional 0.8 GWac being commissioned in the second half of 2019 in Australia, approaching a total of 3.5 GWac by year-end. Yet this is still less than Vietnam’s commissioned capacity at the time of writing,” Dixon remarked.
Senior Analyst, Renewables Research
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About Rystad Energy
Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy’s headquarters are located in Oslo, Norway with offices in London, New York, Houston, Aberdeen, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai