China continued its aggressive push towards clean energy, adding 56.74 GW of solar power capacity in the second quarter of 2024, a 24% year-over-year growth, according to data from the National Energy Administration (NEA). The country also added 10.34 GW of wind, 11.86 GW of thermal, 1.19 GW of nuclear, and 3.18 GW of hydroelectric capacity.

The country’s cumulative solar installations stood at 713.5 GW at the end of the second quarter.

As of the end of June, China’s total installed power generation capacity reached about 3.07 TW. Solar power, with 713.5 GW, accounted for nearly a quarter of this total capacity, highlighting its increasing role in China’s energy mix.

But thermal power still holds a significant share at 1.40 TW.

Meanwhile, wind stood at 466.7 GW, hydroelectric at 427.2 GW, and nuclear power at 58 GW.

From January to June, the country’s major power-generating companies completed project investments of RMB344.1 billion (~$47.28 billion), a 2.5% YoY increase. The investment in power grid projects was RMB254 billion (~$35 billion), a YoY increase of 23.7%.

Despite the overall growth, the report indicated some challenges. The average cumulative utilization of power generation equipment stood at 1,666 hours for the first half of 2024, 71 hours less than last year. This suggests that the rapid expansion of installed capacity, particularly in solar, may be outpacing current demand or facing integration challenges.

China added 216.9 GW of solar capacity in 2023, marking a 148 % YoY increase compared to 87.4 GW in 2022. Last quarter, it added 45.74 GW of solar power capacity.

According to Wood Mackenzie, by injecting $130 billion into the solar sector in 2023, China is expected to control over 80% of the global polysilicon, wafer, cell, and module manufacturing capacity within the next three years.