News

Power Utility

Staff Reporter

, APAC

Published:

9 months ago

Photo by Pok Rie: https://www.pexels.com/photo/three-black-metal-electricity-posts-during-golden-hour-171428/

Renewables lead APAC power project pipeline

Around 250 projects were added to the pipeline in the fourth quarter of 2023.

Renewable energy projects will lead the power project pipeline in the Asia Pacific as markets accelerate power projects due to the expected demand growth, according to a report by BMI.

BMI noted that 250 projects were in its Key Projects Database in the fourth quarter of 2023, of which 98 are in the construction phase and 86 have started operations in the last three months.

Solar power dominated the pipeline, comprising about 80% of the new projects. It also accounted for around 20% of all power generation projects in development.

ALSO READ: Renewables save $520b in fuel cost for the power sector

“We believe that in support of electrification plans and anticipation of growing power demands, markets have responded by increasing opportunities for power projects,” the report read.

“This mainly takes the form of government tenders and auctions to release or repurpose land areas for the development of power projects,” it added.

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