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Skip to content Skip to content Bloomberg the Company & Its ProductsThe Company & its ProductsBloomberg Terminal Demo RequestBloomberg Anywhere Remote LoginBloomberg Anywhere LoginBloomberg Customer SupportCustomer Support Think Bigger:See how we drive impact, create opportunities and power decisions US Edition * UK * Europe * US * Asia * Middle East * Africa * 日本 Sign In Subscribe * Live Now BLOOMBERG TV+ BLOOMBERG MARKETS ASIA Bloomberg Markets Asia. Live from Hong Kong, bringing you the most important global business and breaking markets news information as it happens. BLOOMBERG RADIO THE BIG TAKE The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Listen -------------------------------------------------------------------------------- BLOOMBERG ORIGINALS STORYLINES Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 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ALSO STREAMING ON YOUR TV: * * Markets Markets * Deals * Odd Lots * The FIX | Fixed Income * ETFs * FX * Factor Investing * Alternative Investing * Economic Calendar * Markets Magazine BUSINESS Central America Hit by Mag. 6.5 Quake, No Major Damage Reported MARKETS Morgan Stanley Moves 200 Technologists Out of China on Data Law MARKET DATA * Stocks * Commodities * Rates & Bonds * Currencies * Futures * Sectors View More Markets * Economics Economics * Indicators * Central Banks * Jobs * Trade * Tax & Spend * Inflation & Prices ECONOMICS UK Profit Warnings Rise for Seventh Quarter as High Rates Bite INFLATION & PRICES Inflation Proves Blessing in Disguise for Japan Retailers INDICATORS Argentina Nears Recession After Output Shrank More Than Expected View More Economics * Industries Industries * Consumer * Energy * Entertainment * Finance * Health * Legal * Real Estate * Telecom * Transportation BUSINESS Constellation Announces New Directors in Pact With Activist Elliott TECHNOLOGY DoorDash Banned Discussing Work Issues and Fired Worker For Organizing, Labor Board Alleges FEATURED * Business of Sports View More Industries * Tech Tech * AI * Big Tech * Cybersecurity * Startups TECHNOLOGY AT&T Says Less Than 10% of Its Network Has Lead Covered Cables PURSUITS LVMH’s Sephora Mulls New China Head as It Eyes €20 Billion Sales TECHNOLOGY Macron Blasts EU for Picking American for Chief Competition Economist Post View More Tech * AI AI * Stocks to Watch * Startups & Investing * Ethics, Law & Policy * Jobs & Economy AI Meta Opens AI Chatbot Tech for Commercial Use via Microsoft AI Microsoft’s New Corporate AI Products Will Come With A Hefty Price Tag AI SEC’s Gensler Warns AI Risks Financial Stability View More AI * Politics Politics * US * UK * Americas * Europe * Asia * Middle East POLITICS Israel’s First Female Attorney General at Center of Judicial Storm POLITICS Singapore Presidential Race Attracts One More Ex-GIC Veteran FEATURED * Next China View More Politics * Wealth Wealth * Investing * Living * Opinion & Advice * Savings & Retirement * Taxes * Reinvention WEALTH A $774 Billion Pension Fund Can’t Find Staff After Leaving Seoul SPORTS Meet the Billionaire Who Convinced Messi to Pick MLS Over Saudi Arabia FEATURED * How to Invest View More Wealth * Pursuits Pursuits * Travel * Autos * Homes * Living * Culture * Style CRITIC The Excellent Barbie Is a Surprisingly Cerebral Movie: Review PURSUITS Billionaire Walmart Heiress’s Yacht Vandalized by Climate Activists FEATURED * Screentime * New York Property Prices * Where to Go in 2022 View More Pursuits * Opinion Opinion * Business * Finance * Economics * Markets * Politics & Policy * Technology & Ideas * Editorials * Letters TIM CULPAN Ghost Factories Could Be China’s New Growth Driver JESSICA KARL Cottage Cheese Is Slowly Killing the Planet SHULI REN Private Credit’s Dancing in the Streets Gets Wilder View More Opinion * Businessweek Businessweek * The Bloomberg 50 * Best B-Schools * Small Business Survival Guide * 50 Companies to Watch * Good Business * Subscribe to the Magazine REMARKS Gas Stoves Are Barely a Blip in US Home Energy Consumption WORK Seven Tips for Helping Employees Warm Up to Hot Desking THE BIG TAKE No Testing, No Inspections: Contaminated Eyedrops Blinded and Killed Americans View More Businessweek * Equality Equality * Corporate Leadership * Capital * Society * Solutions EQUALITY Dutch Cabinet Has More Women Ministers Than Men for First Time EQUALITY African Youths Opposed to Boosting LGBTQ Rights, Survey Shows FEATURED * In Trust Podcast View More Equality * Green Green * New Energy * ESG Investing * Weather & Science * Climate Politics * Greener Living * Cleaner Tech GREEN Kerry Meets China Vice President After Xi Sends Climate Warning WEATHER & SCIENCE Extreme Heat Drives Texas Power Demand to Another Record FEATURED * Data Dash * Hyperdrive View More Green * CityLab CityLab * Design * Culture * Transportation * Economy * Environment * Housing * Justice * Government * Technology TRANSPORTATION Bikeshare Is Still Growing in Popularity After Pandemic Cycling Boom CITYLAB NY MTA’s Budget Gap to Grow to $918 Million by 2029, Watchdog Says CULTURE What If We Had a 15-Minute City for Friendship? View More CityLab * Crypto Crypto * Decentralized Finance * NFTs * Regulation * Technology CRYPTO AI Is No Easy Fix for NFT Selloff, Says Creator of Historic $69 Million Artwork CRYPTO Ex-FTX Chief Operating Officer Constance Wang Emerges at Sino Global CRYPTO Crypto Fund Fraudster Gets Nine Years in $249 Million Scheme View More Crypto * More -------------------------------------------------------------------------------- A floating solar power plant on the Strait of Johor in Singapore. Investments in solar are forecast to surpass spending on oil production for the first time this year, spurring the push to examine new and sometimes unlikely sites for solar. Photographer: Bryan van der Beek/Bloomberg Green Cleaner Tech SOLAR FARMS OUT AT SEA ARE CLEAN ENERGY’S NEXT BREAKTHROUGH Technology for floating panels is expanding beyond lakes and dams to move into the oceans. China plans huge projects off its eastern coastline. By Bloomberg News July 13, 2023 at 11:00 PM GMT LISTEN TO THIS ARTICLE 6:30 SHARE THIS ARTICLE Copied Gift Gift this article Exit Subscriber Benefit Bloomberg subscribers can gift up to 5 articles a month for anyone to read, even non-subscribers! Learn more Subscribe Sign In Buffeted by waves as high as 10 meters (32 feet) in China’s Yellow Sea about 30 kilometers off the coast of Shandong province, two circular rafts carrying neat rows of solar panels began generating electricity late last year, a crucial step toward a new breakthrough for clean energy. The experiment by State Power Investment Corp., China’s biggest renewable power developer, and Norway-based developer Ocean Sun AS is one of the most high-profile tests yet of offshore solar technology. It’s a potential advance in the sector that would enable locations out at sea to host renewables, and help land-constrained regions accelerate a transition away from fossil fuels. State Power Investment Corp. and Ocean Sun ’s floating solar project off the coast of Shandong province, China. Source: Ocean Sun Most initial trials of solar-at-sea have involved small-scale systems, and there are numerous challenges still to overcome — including higher costs and the impacts of corrosive salts or destructive winds. Yet developers are increasingly confident that offshore solar can become a significant new segment in renewable energy. “The application of this is virtually unlimited,” because many regions have constraints on the use of land, including parts of Europe, Africa and Asia along with locations like Singapore and Hong Kong, said Ocean Sun’s Chief Executive Officer Børge Bjørneklett. “In these places, you see there’s a huge interest for this technology.” Shandong, the industrial hub south of Beijing, plans to add more than 11 gigawatts of solar offshore by 2025, and to ultimately build 42 gigawatts, more than the current power generation capacity of Norway. Neighboring Jiangsu has a target to add 12.7 gigawatts, while provinces like Fujian and Tianjin are also studying proposals. Japan, the Netherlands and Malaysia are among other nations conducting or preparing test projects. Floating panels at the Canoe Brook water treatment plant in Short Hills, New Jersey. Photographer: Bing Guan/Bloomberg Even with investments in solar forecast to surpass spending on oil production for the first time this year, many regions face challenges in finding land to install vast arrays of panels, either because of a lack of available space, as a result of inhospitable terrain, or because to do so would require deforestation. That’s spurring the push to examine new, and sometimes unlikely, sites for solar that’s already seen hundreds of floating projects delivered on lakes, reservoirs, fish farms and dams. Japan has dozens of smaller arrays, China and India have added major operations, and facilities have been built in nations including Colombia, Israel and Ghana. In January, the largest floating solar project in the US was brought fully online, supplying enough power for 1,400 homes from panels at the Canoe Brook water treatment plant in New Jersey. “Renewables installation must grow, but the realistic question is where to build,” said Li Xiang, head of the solar-on-water unit at Hefei, China-based Sungrow Power Supply Co., one of the world’s largest renewable energy equipment makers. “We think water surfaces have great potential.” Stretched out across the dark green water of an artificial lake in Huainan, in China’s eastern Anhui province, is an installation of about half a million floating solar panels clustered into vast blocks, with white geese swimming by. The project built by Sungrow, on the site of a former coal mine since filled with water, covers the size of more than 400 soccer pitches and generates power for more than 100,000 homes. A project of about half a million floating solar panels was built on the site of a former coal mine filled with water in Huainan, China. Photographer: Qilai Shen/Bloomberg The installation covers the size of more than 400 soccer pitches and generates power for more than 100,000 homes. Photographer: Qilai Shen/Bloomberg Adding solar systems on existing reservoirs could theoretically allow more than 6,000 global cities and communities to develop self-sufficient power systems, researchers including Zeng Zhenzhong, an associate professor at Southern University of Science and Technology in Shenzhen, said in a paper published in March. “We don’t need to fight for farmlands, nor do we need to cut forests or even go to the deserts,” Zeng said in an interview. Yet more assessments are needed of the potential long-term consequences of covering water bodies with panels, the researchers found. China’s authorities have become wary too. New developments in some freshwater locations were banned last May amid concerns about the impacts on ecosystems and flood control. A solar installation in Jiangsu province that covered 70% of a lake’s surface was partially dismantled after local officials raised objections. Floating solar panels on the Hapcheon Dam in Hapcheon, South Korea. Photographer: SeongJoon Cho/Bloomberg While solar plants on freshwater sites are forecast to continue to expand globally, some of those concerns — and the potential of projects at sea — are helping to drive activity in the offshore sector. China’s Ministry of Science and Technology has made it a key priority to develop near-shore floating technologies by 2025, while companies such as Sungrow are among those collaborating with researchers. Ocean-based solar arrays that can handle waves of up to four meters could be ready for commercial deployment within a year, and systems able to withstand 10-meter high swells will take at least three years to perfect, according to Ocean Sun. Viable technology could be ready within one to two years, according to Southern University’s Zeng, who is also studying offshore developments. Developers are experimenting with differing concepts. Ocean Sun’s ring-shaped floaters, made of high-density plastic pipes and a membrane with panels laid out across the surface, undulate with the movement of waves. Rotterdam-based SolarDuck AS mounts panels on triangular platforms and has agreements to test its systems, including in Tokyo Bay and in a project off the coast of Tioman Island in Malaysia. Workers prepare a floating solar farm for use at a reservoir in Alqueva, Portugal. Photographer: Goncalo Fonseca/Bloomberg Questions remain about the ultimate scale of the offshore solar market. Developing panels at sea could be around 40% more expensive thanks to more complex installations and costly subsea cables, according to BloombergNEF estimates. Unlike offshore wind, which produces more power than onshore farms because of stronger gusts and larger turbines, there’s no major benefit to power generation in harvesting the sun’s rays at sea versus land. “Offshore solar in some ways is the worst of both worlds,” said Cosimo Ries, an analyst with Trivium China. “You get the higher installation costs, but you don’t get the higher power output.” Solar-at-sea is likely to end up a niche sector, mostly serving land-starved coastal cities like Singapore, Ries said. Advocates insist the technology is fast improving, and will win a role in helping nations with large populations and a lack of land to curb emissions and — for many developing economies — to meet still rising energy demand. Longi Green Energy Technology Co., the world’s biggest producer of panels, is developing modules specifically suited for conditions at sea, and has a study underway in Jiangsu province. While it sees the market size as limited now, there’s “relatively large potential for offshore solar,” the company said in a March conference presentation in Xiamen. Floating solar panels on the sea in Goheung, South Korea. Developing panels at sea could be around 40% more expensive thanks to more complex installations and costly subsea cables, according to BloombergNEF estimates. Photographer: SeongJoon Cho/Bloomberg China alone has potential to host about 700 gigawatts of offshore solar — about as much as the combined electricity generation capacity of India and Japan — according to a State Power Investment forecast. “It is not going to be difficult,” said Southern University’s Zeng. “People have not yet realized how much potential it has.” — Dan Murtaugh and Luz Ding contributed to this report. 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