Market Report
Russia and the Caspian solar PV market outlook update 2025
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Report summary
Our Russia and the Caspian solar PV market outlook 2025 examines the key solar market drivers, investment opportunities and barriers for large-scale development and distributed solar PV in Central Asian markets Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan, as well as Russia and Caucasian markets Armenia, Georgia and Azerbaijan. Our latest forecasts project these markets will see 31.4 GWdc in solar PV deployments in the next ten years. Cumulative solar volumes in the Russia and the Caspian region are expected to quintuple from year-end 2024 to 2034. Uzbekistan will lead deployments in the Russia and the Caspian region, adding a third of forecast capacity between 2025 and 2034, followed by Kazakhstan, which will see the fastest rate of growth in the region, despite the fact that large-scale wind developments -with better LCOEs and closer proximity to demand centers than solar sites- will clearly outcompete solar PV projects.
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