Solar is the most abundant renewable energy resource, with over 100 developing countries having high potential. Given this resource abundance, the deployment of solar technologies can become a game changer in developing countries. This is especially true for solar PV, which has been identified as one of the technologies with the greatest potential to move markets and reduce greenhouse gas emissions. Solar PV prices have fallen 200-fold since the 1970s, and are expected to halve in the next 20 years.
While the WBG is seeing a surge of demand from its clients in solar power, challenges remain. Many countries still find it difficult to take solar energy to scale due to lack of knowledge about the latest technological innovations, weak regulations, limited capacity for contractual negotiations and efficient procurement of private power generation, and risks associated with weak off-takers.