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Floating solar power plants are poised to play an increasingly important role in meeting the ASEAN region's growing energy requirements. This is according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA), examining the market potential for the deployment of floating photovoltaics (FPVs) in ASEAN countries.
IEEFA estimates that up until 2019, the total installed capacity of FPVs in most ASEAN countries was below 1MW—except in Vietnam, which managed to install 47MW of FPV. However this outlook has changed dramatically with recent announcements of large-scale floating solar projects in at least five countries in the region.
According to IEEFA, clean energy sources such as floating solar power can help insulate coal-importing ASEAN countries from the risks of fuel price volatility and expensive supply logistics associated with the fossil fuels market. The report notes that ASEAN’s energy outlook could be significantly improved by investing in renewables and grid-level solutions such as hybridised FPVs with existing hydro plants.
IEEFA further examines why ASEAN presents a distinctive opportunity for FPVs, due to the region’s unique geography, demographics and factors such as land scarcity. Reasons include:
Discover more in the full IEEFA report, “Volts from the Blue—Is Combined Floating Solar and Hydro the Energy Solution for ASEAN?”.