Energy storage contracts up 26% in Q1 2020

12 May 2020 (Last Updated May 12th, 2020 14:43)

Energy storage contracts up 26% in Q1 2020

Energy storage contracts in Q1 2020 saw 39 contracts announced, marking a rise of 26% over the last four-quarter average of 31, according to GlobalData’s power industry contracts database.

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The proportion of contracts by category tracked by GlobalData in the quarter was as follows:

  1. Supply & Erection: 22 contracts and a 56.4% share
  2. Project Implementation: 12 contracts and a 30.8% share
  3. Electricity Supply: two contracts and a 5.1% share
  4. Power Purchase Agreement: two contracts and a 5.1% share
  5. Repair, Maintenance, Upgrade & Others: one contract and a 2.6% share.

North America leads energy storage activity in Q1 2020

Comparing contracts activity in energy storage segment in different regions of the globe, North America held the top position with 22 contracts and a share of 56.4% during Q1 2020, followed by Europe with eight contracts and a 20.5% share and Asia-Pacific with five contracts and a 12.8% share.

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Solar is leading technology for energy storage contracts in Q1 2020

Among the technologies, solar accounted for 14 contracts with a 70% share, followed by thermal with three contracts and a 15% share and wind with two contracts and a 10% share.

Energy storage contracts in Q1 2020: Top companies by capacity

The top issuers of energy storage contracts for the quarter in terms of power capacity involved were:

  1. Solar Energy Corporation of India (India): 1,200MW from two contracts
  2. New York State Energy Research & Development Authority (United States): 470MW from two contracts
  3. Tennessee Valley Authority (United States): 200MW capacity from one contract.

Energy storage contracts in Q1 2020: Top winners by capacity

The top winners of contracts for the quarter in terms of power capacity involved were:

  1. Greenko Group (India): 900MW from one contract
  2. ReNew Power Ventures Pvt (India): 300MW from one contract
  3. ConnectGen L (United States): 270MW capacity from one contract.

All publicly-announced contracts are included in this analysis drawn from GlobalData’s Power database, which covers power plants, T&D projects, equipment markets, analysis reports, capacity and generation, and tracks tenders and contracts on a real-time basis.

More in-depth reports and analysis on all reported contracts are available for subscribers to GlobalData’s Power database.