Despite the COVID-19 pandemic causing record job losses for the renewable energy industry, slowing construction activity and threatening developers’ access to capital, the U.S. saw strong capacity additions for wind and solar power during 2020.
But questions remain about the long-term effects the pandemic will have on projects. An analysis by S&P Global Market Intelligence shows a pipeline of 172.5 GW of capacity for wind and solar projects through 2024. Of that, 75.7 GW are wind power projects while 96.8 GW are solar power projects, the data shows.
While some of the projects may not cross the finish line, especially those in early development phases, wind and solar projects totaling 30.7 GW of capacity are now under construction. Meanwhile, 18.2 GW of projects are in advanced development, 109.3 GW are in early development, and developers announced 14.1 GW of new projects.
More than 5.4 GW of wind projects under construction are scheduled for completion in 2021, while 4.3 GW of solar projects under construction are scheduled for completion in 2021, the data shows.
Most of the capacity in the pipeline for wind power projects, 40.6 GW, is in early development, according to the data. Meanwhile, wind power projects totaling 18.7 GW are under construction, 10.1 GW are in advanced development, and developers have announced 6.1 GW of capacity for new projects.
Like wind power, most of the capacity in the solar power pipeline, 68.6 GW, through 2024 is in early development, according to the data. Projects totaling 11.9 GW of solar power capacity are under construction, 8.1 GW are in advanced development, and developers have announced 8 GW of new solar projects, according to the data.