76 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 YINSON RENEWABLES COMMENTARY BY DAVID BRUNT, YINSON RENEWABLES CHIEF EXECUTIVE OFFICER MARKET OVERVIEW AND OUTLOOK During the COP28 Climate Summit, more than 130 national governments agreed to work together to triple the world’s installed renewable energy capacity – a reflection of the collective global willpower that is driving the clean energy sector’s fastest growth in history. Accordingly, 2023 saw the deployment of clean energy soaring to new heights, with annual deployment of solar PV and wind growing by 85% and 60% respectively. This deployment, however, has been uneven, with China and advanced economies accounting for 90% of capacity additions for wind and solar PV. Adoption of renewable energy must be further rolled out in advanced economies, but it is crucial that emerging economies concurrently accelerate their renewable energy adoption to keep pace. This is by no means straightforward, as current challenges include delayed policy responses to the new macroeconomic environment, insufficient investment in grid infrastructure, administrative barriers and lack of financing in emerging and developing nations. Many of these challenges (especially the lack of investment in grid infrastructure) are also issues affecting growth in advanced economies. We have built our activities around three core regions: Latin America, Asia Pacific and Europe, which has allowed us to build a balanced portfolio. Within these regions, countries have been selected where we believe the policies, market conditions and growth prospects enable a path to achieve a commercially attractive and stable generation portfolio. An outlook and a snapshot of our activities by region and most advanced projects are summarised in the next section. HIGHLIGHTS FYE 2024 ASSETS 463 MW assets operational ~800 GWh total generation capacity 585 MW assets under construction and pre-construction ~USD 1 billion in contracted revenues from PPAs PIPELINE 1,186 GW projects secured and in development 9 countries with active development projects ~2,000 MW early-stage development pipeline Collaborating with 9 development partners across 4 continents PERFORMANCE ~366 GWh net power generated* ~354,941 tonnes CO2e carbon avoided * 100% basis; some assets operating only part of the year.
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