DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Solcast, a DNV Company and global provider of solar irradiance historical actuals and forecasting for solar energy, achieves a significant milestone as DNV validates its satellite irradiance data as bankable.
In a report published today, DNV, the leading global energy expert and assurance provider, found Solcast’s historical data and irradiance methodology bankable, and at or above industry standards for satellite irradiance data.
Using live satellite imagery, global weather data and machine learning, Solcast generates over 600 million data values per hour, made available to over 60,000 users globally for the planning, operation and management of over 250GW of solar assets around the world.
DNV’s data validation and methodology review builds on previous validation exercises conducted prior to its acquisition of Solcast in 2023, and the experience of DNV advisory teams who use Solcast data in their daily work. The study emphasizes the importance of measurement calibration, cleaning and metadata for achieving high-quality reference data. Lower bias and standard deviation for GHI (global horizontal irradiance) data in sites with high-quality measurements suggest that good quality satellite irradiance data has similar uncertainty compared to on-site measurements.
James Luffman, CEO of Solcast, said: "This is a large and robust study. We’re proud that the findings are consistent with what our staff and customers find for themselves. As the energy transition accelerates, access to multiple sources of granular and bankable data is a key enabler for developers, financiers and technology platforms serving the industry."
DNV’s latest Energy Transition Outlook projects that 30% of all electricity will come from solar PV by 2050. As global solar capacity increases, the need for reliable data analytics and trusted monitoring systems in the energy market is growing rapidly.
“Powering the energy transition requires data that is purpose-made and validated for applications in the solar industry, and this study has tested Solcast data to that level. We're excited to see the new and innovative ways this data will continue to be used by the industry,” added Lucy Craig, Vice President and Director of Growth, Innovation and Digital, Energy Systems at DNV.
