China installed 8 GW of solar in a range of countries under its “Belt and Road” development program in 2024, according to figures from Wood Mackenzie.

The consultancy’s latest report reveals that China installed a total 24 GW of power projects across more than 140 Belt and Road countries last year – a calendar-year record since the initiative began in 2013.

Alex Whitworth, vice president, head of Asia Pacific power and renewables research at Wood Mackenzie, described the rapid growth in overseas solar projects in 2024 “remarkable.”

“Chinese companies are heavily prioritizing greener technologies overseas and these make up over two-thirds of the project pipeline,” Whitworth added. “As Chinese manufacturers drive down the costs of renewable power technology, Chinese companies are leading its deployment in many developing markets that could not previously afford it.”

The cumulative capacity of China’s completed overseas power projects since the start of the Belt and Road initiative stood at 156 GW by the end of 2024, with solar accounting for 22 GW of the current portfolio.

Yanqi Cao, managing consultant, Asia Pacific power research at Wood Mackenzie, said Chinese companies have invested approximately $281 billion across 369 overseas projects since the initiative began.

Wood Mackenzie said the top five Belt and Road markets – Pakistan, Indonesia, Vietnam, Saudi Arabia and Malaysia – will likely see substantial growth in solar and wind installations over the next decade, with a projected 120 GW requiring an investment of $73 billion. Saudi Arabia is expected to have the highest demand, with plans to install 41 GW of solar power and 13 GW of wind power.

“Chinese companies are more and more involved in investing in renewable power in the top five [Belt and Road] markets,” Cao said. “Five years ago, they accounted for only 7% of the wind and solar capacity in these markets. However, this share has risen to over 60% in 2024 and it could reach 80% by 2030 if the current trend continues.”

Wood Mackenzie recently projected worldwide solar growth will stagnate this year, forecasting 493 GW (DC) of added solar compared to 495 GW (DC) in 2024.