Power and renewables

DNV publishes bankability study of Solcast satellite irradiance data

Review and validation marks significant step in precision for global energy transition

Solar panels

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. 

James Luffman, CEO of Solcast
James Luffman, CEO of Solcast
Lucy Craig, DNV
Lucy Craig, Vice President and Director of Growth, Innovation and Digital, Energy Systems at DNV

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.

Download the report

Review and validation of Solcast historical and TMY data

About Solcast

Solcast is a leading provider of solar irradiance data and forecasting technology, delivering data to over 350 customers that manage more than 300GW of assets globally. Solcast produces this data by tracking clouds and aerosols at 1-2km resolution globally, using satellite imagery, global weather data and proprietary AI/ML algorithms to produce over 600 million forecasts every hour. Since 2016 the Solcast API has been bringing accurate data to the market and helping enable the energy industry to deliver the resilient power grids it will take to build a solar-powered future. Solcast became a DNV company in early 2023..

About DNV

DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through its broad experience and deep expertise DNV advances safety and sustainable performance, sets industry standards, and inspires and invents solutions.

Whether assessing a new ship design, qualifying technology for a floating wind farm, analyzing sensor data from a gas pipeline or certifying a food company's supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence.

Driven by its purpose, to safeguard life, property, and the environment, DNV helps its customers seize opportunities and tackle the risks arising from global transformations. DNV is a trusted voice for many of the world’s most successful and forward-thinking companies.

In the energy industry 

DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services. As the world's leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement and supports customers to transition faster to a deeply decarbonized energy system.

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