BayWa r.e. Solar Trade, the solar trading arm of the global renewable energy developer, service provider and solar distributor, BayWa r.e., has surpassed a cumulative sale of 1 GW (gigawatt) of string inverters in Thailand for the first half year of 2023, making it a milestone for the region’s top global distributor.
The 1 GW of string inverter sales is equivalent to 200,000 units of 5 kW (kilowatt) inverters, said the firm. BayWa r.e. Solar Trade entered Thailand in 2017, expanding to the Philippines in 2019 and later into Vietnam and Malaysia.
Commemorating the milestone, Junrhey Castro, Managing Director, BayWa r.e. Solar Systems Corporation said, “I join the entire Solar Trade team in celebrating this great achievement. The amazing success would have not been possible without our customers who share the same vision with us.It’s with great pride I say that this BayWa r.e. milestone will aid towards Thailand’s net-zero targets.”
With solar in Southeast Asia set to further grow in 2023, the market is expected to expand by 13% in 2023, to 3.8 GW of new installations. According to the report by the Asian Photovoltaic Industry Association, from 2024, a high pace of growth is expected across the region. Annual installations are forecasted to grow 32% to reach 5.1 GW in 2024, 59% to 8.1 GW in 2025 and 28% to 10.4 GW in 2026, finally hitting 13.3 GW of new additions in 2027, according to the APVIA and the GSC.
The region’s top five markets are Thailand, Malaysia, Philippines, Vietnam and Indonesia, said the report.