Oil major TotalEnergies is by far the largest solar energy developer globally, according to a new report listing the top ten in the field.
TotalEnergies has a 41.3GW pipeline of operational, under-construction, and awarded (PPA-contracted) projects, according to the report by clean energy research firm Mercom Capital Group.
That is more than double the second biggest developer, India’s Adani Green Energy, which has an 18.1GW pipeline – inching ahead of Canada’s Brookfield Renewable Partners with 18GW.
The top ten global solar developers together have a 145GW pipeline.
Among the top global solar developers, six were based in Europe, three in North America, and one was headquartered in South Asia.
A key criteria for the study was that developers had to be active in at least two countries to be included. Several others would have made the top ten but for this criteria.
Although the report doesn’t name those developers, it seems probable some would be from China, which accounts for 37% of solar panels installed worldwide and 45% of installations made last year.
TotalEnergies was also the top developer with the most operational solar capacity, with 12GW. Italy’s Enel Green Power was the second-largest player on this count with 9.2GW, followed by Adani Green with 7GW.
While it continues to face scrutiny over its development of oil and gas assets, TotalEnergies was also recently found to have Europe’s biggest global renewable energy pipeline, with almost 70GW of solar PV, onshore wind, offshore wind and battery storage.
“Several leaders on the list are actively transitioning towards solar and other renewable energy sources,” said Raj Prabhu, CEO of Mercom Capital Group.
“This shift aligns with the evolving priorities in the energy sector, focusing on achieving decarbonisation goals set by nations and addressing energy security concerns in light of geopolitical developments.”
The study found that the global solar market had a “banner year” in 2022 with an estimated 191GW installed, a 22.1% increase year-over-year.
It noted that the war in Ukraine forced countries in Europe to develop “aggressive solar energy goals and move quickly toward energy independence,” with Germany setting a target of 215GW by 2030; France 100GW by 2050, and the UK 70GW by 2035.