Scatec’s Kenhardt solar-plus-storage site in South Africa (above), which went online at the end of 2023. Image: Scatec. Africa’s energy storage market has seen a boom since 2017, having risen from just 31MWh to 1,600MWh in 2024, according to trade body AFSIA Solar’s latest report.
Photovoltaic assets represented 93.1% of the installed capacity in 2024, translating to a dominant revenue position in the South African solar energy market. The segment maintained an 8.2% compound annual growth rate from 2019 to 2024 and now benefits from expanded REIPPPP allocations and surging private PPAs.
By technology, photovoltaic (PV) installations commanded a 93.1% revenue share of the South Africa solar energy market in 2024, whereas concentrated solar power (CSP) is forecast to advance at a 14.9% CAGR through 2030.
The South African solar energy industry exhibits moderate concentration, with the five leading developers —Scatec ASA, ACWA Power, Enel Green Power South Africa, Mainstream Renewable Power, and Sonnedix —controlling around 45% of operational capacity.
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