Global Solar Power Market Is Expected to Reach $293 Billion

PALM BEACH, Fla., Jan. 19, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary Solar power is the cleanest and most plentiful renewable energy source present on this planet. Countries such as China, Germany, Spain, and the United States (U.S.) have some of the largest solar resources all over the world. There are two key ways to harness solar energy: photovoltaic (PV) and concentrated solar power (CSP). Developed and developing countries across the globe are strongly promoting solar as an alternative to conventional energy sources and are hence positively contributing to the market growth. Global electricity demand is increased considerably owing to economic development and population expansion. Improving standards of living and infrastructure development are creating a huge demand for electricity generation. According to a report from Fortune Business Insights, this is expected to drive the solar power market growth during the forecast period. The report projected that the global solar power market is expected to grow from $184.03 billion in 2021 to $293.18 billion in 2028 at a CAGR of 6.9% in forecast period 2021-2028.  The report said: "Growing Investments in Solar Energy to Fuel the Market Due to environmental regulations, several companies are installing renewable energy plants. Several countries are also focused on eco-friendly power generation solutions to reduce their carbon emission. Solar energy is one of the low-cost renewable energy solutions. Hence numerous countries are investing heavily in solar energy… Supportive government policies play a key role in renewable energy installation. In numerous countries like U.S., China, and EU countries, policies like FiT, investment tax credits, and capital subsidies are key policies boosting solar installation… Solar PV Technology Segment held the major share of the market (over the past several years)… Growing adoption of rooftop solar and customer awareness about the usage of eco-friendly sources are projected to boost the residential segment's growth between 2021 and 2028."    Active Companies in the markets today include First Tellurium Corp. (CSE: FTEL) (OTCPK: GODYF), Tesla, Inc. (NASDAQ: TSLA), SunPower Corp. (NASDAQ: SPWR), NextEra Energy, Inc. (NYSE: NEE), First Solar, Inc. (NASDAQ: FSLR).

Fortune Business Insights concluded: "Asia Pacific held the dominant share of the global market and is projected to grow at the highest pace over the forecast period. High electricity demand, improved living standards and suitable solar irradiance are some of the key factors fueling the growth of the regional market. In 2020, China alone installed around 48 GW of solar projects.  Europe was the other major market for solar power in 2020. The European Union (EU) countries installed around 18.2 GW of solar PV projects in 2020. Supportive regulations, renewable energy targets, and a growing number of solar farms are the key factors fueling the growth of the market. In North America, the U.S installed 19 GW of solar projects.

First Tellurium Corp. (CSE: FTEL) (OTCPK: GODYF) BREAKING NEWS - S&P Global Speaks to Tellurium Supply Concerns, China's Dominance, Biden's Bill and First Solar - First Tellurium Positioned to Play a Very Strategic Role in Global Tellurium Supply - First Tellurium Corp. (the "Company" or "First Tellurium") CEO Tyrone Docherty said in a recent article published by S&P Global Market Intelligence,"There's going to be a supply crunch, no question about it."

The article outlines the demand for solar panels and the American government's wish to become less reliant on China for both finished products and raw materials. So much so that the U.S. International Finance Corp. is going to lend First Solar $500 million to expand its production in India rather than China.

First Solar is one of the world's largest manufacturers of solar panels with a market cap of nearly USD 12 billion and trades on the NASDAQ market.

First Solar, held out as a flag ship company by the Biden administration, relies heavily on tellurium for the construction of its solar panels. It is anticipated that First Solar's expansion plans will require 70% more tellurium than was produced globally last year.   First Tellurium was conceived to meet the rising tellurium demand locally.

"Not a day goes by I don't read something about tellurium," explained Tyrone Docherty, CEO of First Tellurium. "The writing has been on the wall for a while and tellurium is soon to have its day in the sun. Its demand, price and awareness are all about to rise significantly. At First Tellurium, we have strategically positioned ourselves to be an integral part of the North American supply chain as our industry gains additional credibility daily. With the support of private industry.  CONTINUED…  Read this full release for First Tellurium Corp. at:  https://firsttellurium.com/news-media/news 

Other recent developments in the markets include:

Tesla, Inc. (NASDAQ: TSLA) recently announced that in the fourth quarter, we achieved production of more than 305,000 vehicles and deliveries of over 308,000 vehicles. In 2021, we delivered over 936,000 vehicles.

Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great year.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q4 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

First Solar, Inc. (NASDAQ: FSLR) recently secured an order from Swift Current Energy involving the supply of 1.2 gigawatts (GW) of First Solar's advanced, ultra-low carbon thin-film photovoltaic (PV) solar modules. The modules are scheduled to be delivered in 2023 and 2024.

The deal further strengthens First Solar's position as the largest and a reliable supplier of PV solar modules in the United States, with the company meeting the requirement of various solar developers hunting for a technologically advanced and cost-effective product for their projects.

NextEra Energy, Inc. (NYSE: NEE) recently announced that a subsidiary of NextEra Energy Resources, LLC has entered into an agreement to sell a 50% non-controlling interest in an approximately 2,520 megawatt (MW) portfolio of long-term contracted renewables assets (the portfolio) to the Ontario Teachers' Pension Plan Board (Ontario Teachers' or the investor), one of the world's largest pension plans and a leading infrastructure investor, with approximately C$227.7 billion in net assets. The remaining 50% interest in the portfolio is under an agreement to be sold by NextEra Energy Resources to NextEra Energy Partners, LP (NYSE: NEP) pursuant to a purchase and sale agreement executed on Oct. 21, 2021 between a subsidiary of NEP and a subsidiary of NextEra Energy Resources.

The sale proceeds are expected to be redeployed into new wind, solar and battery storage growth opportunities, including NextEra Energy Resources' more than 18,000-MW renewables and storage backlog. This attractive capital recycling opportunity provides significant value to NextEra Energy Resources and highlights the value of its renewables development platform. Over the operating life of the assets in the portfolio, NextEra Energy Resources is also expected to receive ongoing annual fee income of approximately $16 million in year one and escalating thereafter for operations, maintenance and management services, and the transaction is expected to be accretive to earnings and generate an overall improvement in net present value for NextEra Energy shareholders.

SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, recently announced SunPower Financial™, a financial services institution designed to make renewable energy affordable for more American homeowners. SunPower Financial will also expand access to underserved populations by supporting a new line of financial products featuring expanded eligibility as well as a 0% interest Annual Percentage Rate (APR) product for qualified customers.

The U.S. residential solar market is expected to quadruple by 2030 with roughly one in eight American homes having solar, according to Wood Mackenzie. With SunPower Financial solutions, homeowners can go solar with no down payment required, lower monthly payments, higher credit limits, and a faster application process. Key advantages for qualified customers include: Up to a $150,000 credit limit for well-qualified customers, a $50,000 increase from prior offerings; A radically simplified application process with faster approval times; Expanding eligibility to customers with credit scores of 600+; and Financial offerings for shared roofs, leased land, accessory dwelling units and mobile homes.

SunPower Financial also offers a 0% APR for up to 25 years for qualified residential solar and storage customers in select regions. Taken together, these offerings represent the first step toward the company's 25x25 commitments to increase access for residential customers who live in historically marginalized communities by 25% by 2025.

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