In June 2024, the Institute for Energy Economics and Financial Analysis (IEEFA) released a report on renewable energy supply chain opportunities in the Asia-Pacific region. The report highlighted the potential for countries to expand their focus beyond manufacturing solar panels and wind turbines when developing energy transition industries. It encouraged embracing a wider array of technologies and services to deliver clean electricity to the grid effectively.
Creating fully grid-integrated energy supply projects requires a wide array of complementary materials, components, and services that go beyond making solar panels or wind turbines. As IEEFA has reported, these “balance of system” elements can account for 55% to 80% of the total investment cost in a solar or wind project, thus representing attractive areas for localization.
