UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
China installs new record of 24 GW in Belt and Road power projects
5/2/2025
News
Chinese companies have made a significant milestone in their overseas power development, installing a record 24 GW of capacity in Belt and Road (B&R) countries in 2024, according to a new report from Wood Mackenzie.
This record number marks a doubling of the capacity installed in 2023 and defines the highest level of investment since the launch of the B&R Initiative in 2013. Notably, renewable energy sources, particularly solar and hydro power, led 2024 installations, reflecting a clear shift towards greener technologies.
According to the report, 52% of these projects employed renewable technology, including 7.6 GW solar power, 0.4 GW of wind and 4.7 GW of hydroelectric power. Solar energy made up two-thirds of the new renewable capacity added in 2024. In contrast, 48% of the projects were thermal power, which included 5.8 GW of legacy coal plants and 5.9 GW of gas and oil plants.
‘The rapid growth in overseas solar projects in 2024 is remarkable,’ says Alex Whitworth, Head of Asia Pacific Power and Renewables Research, Wood Mackenzie. ‘Chinese companies are heavily prioritising greener technologies overseas and these make up over two-thirds of the project pipeline. 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.’
However, the report also notes that 19 GW of coal power projects remain in the pipeline, although they are subject to potential cancellations due to the global shift away from coal and China’s policy of ‘no new overseas coal power’ announced in 2021. Additionally, 9 GW of gas projects are currently under construction or in the planning stages.
Chinese companies have installed 156 GW of power projects in participating countries since the launch of the B&R Initiative, comments Yanqi Cao, Managing Consultant, Asia Pacific Power Research, Wood Mackenzie. He adds that between 2013 to 2024, these companies completed 369 overseas power projects, representing an investment of approximately $281bn.
The report also states that developing countries remain the primary focus of the B&R Initiative, with Asia accounting for 70% of the installed capacity, followed by Africa at 15%. The top five B&R markets – Pakistan, Indonesia, Vietnam, Saudi Arabia and Malaysia – are expected to see substantial growth in wind and solar installations over the next decade, with a projected 120 GW requiring an investment of $73bn. Among these nations, Saudi Arabia is projected 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 B&R markets. 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,’ Cao concludes.
