China’s Solar Push Powers Record Growth in Belt and Road Countries

China installed 8 GW of solar power across various nations under its Belt and Road Initiative (BRI) in 2024, according to data from Wood Mackenzie. This contribution formed part of a record-breaking 24 GW of total power projects deployed in over 140 participating countries within a single calendar year, the highest since the initiative began in 2013.

Wood Mackenzie’s vice president and head of Asia Pacific power and renewables research, Alex Whitworth, described the rapid expansion of overseas solar projects in 2024 as extraordinary. He noted that Chinese companies are prioritizing green technologies in their international ventures, with these projects now comprising more than two-thirds of the current pipeline. Whitworth highlighted that Chinese manufacturers, by reducing the costs of renewable energy technologies, have enabled many developing markets to adopt solar power, which was previously out of reach for these economies.

By the end of 2024, the cumulative capacity of China’s completed overseas power projects under the Belt and Road Initiative had reached 156 GW, with solar power accounting for 22 GW of the total.

Yanqi Cao, managing consultant for Asia Pacific power research at Wood Mackenzie, stated that since the inception of the Belt and Road Initiative, Chinese companies have invested approximately $281 billion across 369 international power projects.

The report indicated that five key Belt and Road markets—Pakistan, Indonesia, Vietnam, Saudi Arabia, and Malaysia—are projected to see significant growth in solar and wind installations over the next decade. These markets are expected to require an investment of $73 billion to develop an additional 120 GW of renewable capacity, with Saudi Arabia leading the demand. Plans for Saudi Arabia include the installation of 41 GW of solar and 13 GW of wind power.

Wood Mackenzie reported that Chinese companies have increased their involvement in renewable energy projects within these five markets. Five years ago, these firms accounted for just 7% of wind and solar capacity in these regions, but by 2024, their share had risen to over 60%. If current trends continue, this figure could reach 80% by 2030.

In a broader context, Wood Mackenzie projected a stagnation in global solar growth for 2025, forecasting 493 GW (DC) of newly added capacity compared to 495 GW (DC) in 2024.

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