Chinese-manufactured solar panels are piling up in European warehouses, with approximately 40GWdc of capacity currently in storage, according to Rystad Energy.
The number of panels, worth about £7bn, is same amount installed across the continent in 2022, and could generate enough electricity to power 20 million homes per year, the analysts said.
The build-up is only set to grow this year, with Rystad Energy forecasting 100GWdc of solar capacity in storage by the end of 2023.
Europe’s spending on solar imports has almost quadrupled in the last five years, surging from €5.5bn in 2018 to more than €20bn last year, while the supply source has become increasingly concentrated, Rystad said.
Around €18.5bn, equal to 91% of all PV import expenditure, was spent on Chinese products, as volatile panel prices impacted buying decisions, it added.
Marius Mordal Bakke, senior supply chain analyst at Rystad Energy, said: “European countries are desperate to get their hands on affordable solar infrastructure to advance their renewable energy targets, decarbonise and avoid paying elevated prices for new capacity.
“Although efforts are underway to build a reliable solar supply chain in Europe, the need for panels now means leaders cannot wait until 2025 or later to buy European.”