Here are the top solar developers in the US to watch for 2024. These companies were selected based on their market capitalization, industry reputation, innovative technology, and growth potential.
This list of top utility scale solar developers was assembled by considering various factors such as market capitalization, industry reputation, and potential for innovation. With the increasing focus on renewable energy, these companies are well-positioned to lead the way in solar technology and development in 2024.
Top 10 Solar Energy Developers in the US
NextEra Energy, Inc.
As the world's largest electric utility holding company by market capitalization, valued at over $120 billion, current LandGate user NextEra Energy leads the solar energy sector. They've made significant strides in renewable energy and continue to invest heavily in solar technology.
The company's headquarters in Juno Beach, Florida, achieved the prestigious Gold-level Leadership in Energy and Environmental Design (LEED), reflecting their commitment to sustainable practices.
Furthermore, the company surpassed 40% completion of its groundbreaking "30-by-30" plan to install 30 million solar panels by 2030. Looking ahead to 2024, NextEra Energy Resources plans to develop up to 14.4GW of new solar capacity.
Invenergy, Inc. has made substantial recent contributions to solar development in the US. The company has successfully developed more than 30,000 megawatts of clean energy projects that are either in operation or under construction. These include a significant 200MW project at the Calhoun Solar Energy Center, which is now operational.
Invenergy also plans to build a $220 million solar panel plant in Ohio, adding to its existing portfolio of 775 MW of solar power in the state. Looking towards 2024, Invenergy's recent $1 billion follow-on investment from Blackstone Infrastructure Partners positions the company to continue expanding its sustainable energy solutions.
Cypress Creek Renewables
Cypress Creek Renewables has been making significant strides in the development of solar energy in the US. The company is recognized as a leading national solar organization, developing, owning, and operating utility-scale and distributed solar and energy storage projects across the United States. It has successfully developed more than 12GW of solar projects and currently owns 2GW of solar with a 28GW solar and storage pipeline.
Recently, Cypress Creek Renewables closed a $216 million financing round for its Zier Solar and Storage project in Texas, adding to its growing portfolio. As we look towards 2024, the company's commitment to designing 100% of their solar farms in New York as pollinator-friendly signals a continued focus on sustainable and environmentally-friendly practices.
Recurrent Energy, one of the world's largest and most geographically diversified utility-scale solar and energy storage project developers, has been making significant contributions to solar development in the US. Recently, the company secured $200 million in financing for a solar energy project in Liberty County, near Houston. In addition to this, Recurrent Energy closed $120 million in project financing and $80 million in tax equity for a 134 MW MISO South project.
The company also reached a key milestone on Texas solar projects, further contributing to the growth of solar in the state. Looking forward to 2024, Recurrent Energy's recent sale of its 100 MW/200 MWh Mannum project indicates a continued focus on developing and selling high-capacity projects.
AP Solar Holdings LLC
AP Solar Holdings LLC, a full-service, utility-scale solar power project developer, has been actively contributing to the growth of solar development in the US. The company has brought online a significant 477 MW of power, demonstrating its commitment to expanding renewable energy. In a recent partnership with Solar Plus Development, Inc. and Avondale Solar, LLC, AP Solar Holdings agreed to jointly develop a substantial 400 MWac solar project. This aligns with their ongoing efforts to develop and construct large-scale projects, as evidenced by their exclusive development agreement for the APS2 project.
Looking ahead to 2024, the company's recent sale of a 350 MWac solar project to an affiliate of Copenhagen Infrastructure Partners suggests a continued focus on developing and monetizing high-capacity solar projects.
Tesla Energy has been instrumental in advancing solar development in the US. In 2022, the company increased its solar installs to 348MW, contributing significantly to the country's energy mix. Tesla's acquisition of SolarCity further solidified its role as a major player in the sustainable energy sector. The company's energy generation and storage business, which includes solar, reported impressive revenues of $810 million, indicating robust growth and demand.
Looking ahead to 2024, Tesla plans to further invest in producing battery cells and packs in the U.S., suggesting a continued commitment to clean energy and potential for further contributions to solar development.
SunPower has been making significant strides in solar development in the US. The company recently celebrated its 100,000th home installation of solar panels, demonstrating its strong commitment to renewable energy and expanding access. In addition, SunPower has been working to bring solar energy to low-income renters, designing arrays that can pass along energy savings to tenants. The company has also made substantial investments in America's clean energy transition by awarding over $1 million in grants to expand access to solar.
Looking ahead to 2024, SunPower is targeting a 25% growth in dealers and subcontractors by certified minority- and women-owned businesses, promoting equity in the solar industry.
First Solar has been making substantial contributions to solar development in the US. The company's commitment to minimizing its environmental footprint is evident in its significant capital investments, with more than $2.8 billion poured into 7.9 GW of manufacturing capacity additions. Recently, First Solar announced the groundbreaking of a 3.5 GW manufacturing facility in Louisiana, which will create over 700 new direct manufacturing jobs.
In addition, a $1.1 billion investment has been made to open a photovoltaic (PV) solar module manufacturing facility in Lawrence County, Alabama. Looking ahead to 2024, the company's decision to produce its Series 7 modules in a new Louisiana facility, expected to use 100% US-made components, signals a strong commitment to domestic manufacturing and the continued growth of the solar sector.
Despite the name, Canadian Solar has been among the key solar developers USA based and beyond. Recently, the company announced a $250 million investment into a new module manufacturing plant in Mesquite, Texas, enhancing the state's status as the energy capital of the world. Canadian Solar also established a new solar cell manufacturing facility in Jeffersonville, putting the skilled Hoosier workforce at the center of cultivating solar power. In 2023, the company invested more than $250 million in a state-of-the-art solar photovoltaic module factory in Mesquite, indicating a continued commitment to expanding its US operations.
Looking ahead to 2024, Canadian Solar's recent record revenues of $7.47 billion, a 42% increase year over year, and its plans to create approximately 1500 new jobs in the Texas plant, suggest a positive outlook and continued growth in the US solar sector.
EDF Renewables North America
EDF Renewables North America has been a leading force in solar development in the US. With over 35 years of experience, the company is one of the top solar power developers and is recognized as a market-leading independent power producer and service provider. EDF Renewables recently celebrated the Arrow Canyon Solar Storage Project, showcasing their commitment to integrating renewable energy with storage solutions. The company has also expanded its reach by providing industry-leading, cost-effective design, engineering, construction, and operation of solar projects throughout North America.
Looking forward to 2024, EDF Renewables' recent partnership with SOLARCYCLE, positioning it as their preferred solar recycling partner, reflects their dedication to sustainable practices and indicates a positive growth trajectory for the company in the solar development sector.
The Future of Solar Energy in the US
The future of utility-scale solar development is promising, with significant growth projected for 2024. According to the US Energy Information Administration, solar is expected to generate 14% more electricity than hydroelectric facilities in 2024. This growth is attributed to the rise of new utility-scale and small solar installations. In fact, by the end of 2023, utility-scale solar installations are expected to more than double compared to 2022, setting a new record.
Moreover, solar deployment in the US is expected to grow 40% this year, and by 2024, it is anticipated to reach 30 GW per year, which is roughly 50% higher than current levels. This expansion is in part due to a slew of large solar projects that are set to begin construction in 2023, with a total estimated value of nearly $40 billion.
Top developers can utilize tools and software for land development such as those provided by LandGate to capitalize on these trends and continue to grow. These tools can help in assessing the value of land for solar development, predicting potential energy output, and identifying optimal locations for new installations. As the solar storage market also experiences significant growth, largely driven by state government incentives aimed at fostering renewable energy, green energy developers can use LandGate's energy markets data and tools to make informed decisions about the best locations for solar energy, where to invest in solar and other renewables projects, and analytics for land development engineers.
To learn more about how to access and utilize LandGate’s platform for your solar development efforts, schedule a demo with a member of our dedicated energy markets team.