The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest solar energy construction projects initiated globally in Q4 2024, according to GlobalData’s construction projects database.
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1. Bungama Solar and Battery Storage Plant
The project involves the construction of a 336MW solar farm with a 150MW/300MWh battery storage plant on 530ha of land near east of Port Pirie in South Australia, Australia.
Construction work started in Q4 2024 and is expected to be completed in Q4 2028.
It intends to meet the supply and demand of electricity in the region and provide enough electricity to power 86,000 homes each year for 30 years and reducing 497,000 tons of GHG emissions each year. Buy the profile here.
2. Hornet Solar Farm 500 MW
The project involves the construction of a 500MW solar farm in Texas, the US.
Construction work commenced in Q4 2024 and is expected to finish in Q1 2025.
The project aims to supply electricity to approximately 160,000 homes annually. Buy the profile here.
3. Tashkent Solar PV and BESS 200 MW
ACWA Power is planning to undertake the construction of a 200MW solar power plant and 500MWh battery energy storage system facilities in in Yuqori-Chirchiq, Tashkent Region, Uzbekistan.
Construction work started in Q4 2024 and is forecast to complete in Q4 2026.
The project will form part of Uzbekistan’s ambitious targets to transition to a low-carbon economy as well as diversify its energy sources. Buy the profile here.
4. Xinjiang Yili Photovoltaic Plant 700 MW
The project involves the construction of a 700MW photovoltaic power plant in Chabuchaer County, Yili, Xinjiang, China
Construction work commenced in Q4 2024 and is expected to be completed in Q4 2026.
5. Wusu Tacheng Photovoltaic power Plant 1000 MW
The project involves the construction of a 1,000MW PV power plant and 150MW/300MWh energy storage on 2,333.3ha of land in Wusu, Tacheng, Xinjiang, China.
Construction work started in Q4 2024 and is expected to be completed in Q4 2027.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
