Solar PV capacity could reach 5.33GW by 2035: report

It may be pushed by programmes for solar integration in urban, industrial areas.

Singapore’s solar PV capacity is projected to increase to 5.33GW by 2035, as it is expected to register a compound annual growth rate of 11.7% from 2024 to 2035, GlobalData said.

This growth may be supported by deployment across rooftop, floating, and utility-scale installations, alongside government programmes that prioritise solar integration within urban and industrial environments, it added.

Solar expansion is being enabled through policies under the Singapore Green Plan 2030, which targets at least 2GW of solar capacity by 2030, the intelligence platform said.

Implementation mechanisms such as the SolarNova programme, the Simplified Credit Treatment scheme, and the Enhanced Central Intermediary Scheme may drive the growth, it added.

GlobalData said that these frameworks can improve project bankability, enable excess power monetisation, and reduce barriers for distributed solar deployment across residential, commercial, and industrial segments.

Despite rising solar capacity, Singapore’s electricity system remains reliant on natural gas, accounting for approximately 94 to 95% of power generation.

The city-state’s solar PV capacity stood at 1.57GW in 2024.

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