All of a sudden, solar energy is huge. As many of the world’s major governments and corporations move to transition the global power supply away from fossil fuels, developers are transforming swaths of empty desert, agricultural land, and rural lakefront into vast solar energy farms. The mega-sized projects represent a new class of renewable power capacity that’s finally approaching the scale of coal-, oil-, and natural gas-fired plants.
The increasing size of solar farms comes as costs fall. At the same time, there’s a growing group of buyers in the market for renewable assets, particularly pension funds and other institutional investors keen to match their long-dated liabilities with the consistent returns of solar farms.