Floating solar installations continue to grow globally, with Asia set to lead the way in the next decade, which presents significant opportunities for its combination with pumped hydro storage, according to a Fitch Solutions report.

In December 2020, there were 16 floating solar projects registered in Fitch Solutions’ Key Projects Database (KPD). This has now strengthened to 22 projects, up 37.5%, with an expected total installed capacity of 10GW.

Moreover, 2021 saw a series of floating solar installations coming online. Most of these developments are located in Asia, such as the 320MW Huaneng Power International in Shandong province, China and a 45MW project commissioned by the Electricity Generating Authority of Thailand, which plans to progress with 15 more hydro-floating solar hybrid projects, with a combined installed capacity of 2,725MW.

“With these developments, we believe that Asia will be the leading region for the installation of floating solar installations over the coming 10 years,” said the report, adding that the expertise needed to install and operate such sites will be weighted in favour of Asian countries.