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In a defining moment for renewable energy, solar power has attained a major milestone on the world stage. For the first time in history, solar surpassed nuclear energy in worldwide electricity generation output measured in terawatt-hours (TWH). As investor interest in solar and broader renewable energy sectors broadens, opportunities for investors in these growth areas are becoming increasingly compelling.
The milestone data was obtained from Ember¹, a global energy think tank specializing in energy data and policy solutions. It shows that solar produced 238 terawatt-hours (TWh) of electricity worldwide in April 2025, outpacing nuclear’s 213 TWh generated during the same period. This shift marks solar’s rise as the fourth largest global energy source, behind coal, natural gas and hydropower.²
While this major milestone has captured significant attention, a subsequent series of emerging datapoints continues to add credibility to this underlying trend.
In July, solar officially became California’s largest electricity source, generating 83.1 TWh compared to 81.6 TWh from natural gas.³ A few days later, it was reported that solar power became the European Union’s (EU) largest source of electricity for the first time in June 2025, surpassing nuclear and wind.⁴ Overall, solar accounted for 22.1% of the EU’s electricity output—up from 18.9% a year earlier—driven by record sunshine and ongoing solar capacity additions.
The implications are clear: From a once-peripheral energy source to a major provider, solar is now becoming a dominant force in the global energy space. Such rapid growth underscores the investment potential of solar as a cornerstone holding in the global energy transition.
Canada’s solar power adoption continues apace
Although hydropower dominated Canada’s electricity mix in 2023 by accounting for 58% of total domestic power generation, solar’s growth rate stands out as something advisors should closely monitor as client interest in renewable energy exposure continues to rise.
According to the latest statistics provided by Canadian Renewable Energy Association (CanREA), Canada’s solar energy capacity grew 92% in the past five years.⁵ This growth was roughly 163% greater than wind, which expanded by 35% over the same period. The gap highlights solar’s superior all-weather energy generation capabilities, environmental sensitivity and lower capital requirements for launching commercial-scale projects.
Overall, the impressive growth rates in renewables in general are being driven by favourable policy initiatives that include zero-carbon emission objectives on a global and national scale.
At the 28th United Nations Climate Change Conference, nearly 200 countries committed to tripling global renewable energy capacity and doubling energy efficiency by 2030.⁶ A central strategy in achieving these objectives is through the deployment of zero-emission power sources, reflected in 2023’s record 473 GW of new renewable capacity, with solar accounting for 73% of that growth.⁷
Similarly, Canada’s commitment to ‘net-zero’ guidelines is driving renewable adoption at home. The initiative aims at achieving zero greenhouse gas emissions by 2050 to comply with federal climate targets.⁸ Central to this plan is the expansion of non-emitting electricity generation, with solar playing a central role. These goals are being advanced through a mix of federal and provincial incentives, driving higher adoption rates among consumers and businesses, and making investment in solar technologies increasingly attractive.
The maturing trend investors can’t afford to miss
Energy investing has long been concentrated in hydrocarbon producers like offshore drillers or Alberta oil sands operators. However, solar’s rapid growth and increasing cost competitiveness is shifting that narrative. For investors, this marks a turning point as solar is no longer just an environmental play, but a cash-generating asset class, with dedicated funds positioned to deliver sustained cash flow.
As the global economy adapts to new energy realities, portfolios must evolve also. Advisors who understand these structural shifts and the policy-driven growth channels behind them can gain a competitive edge by aligning client portfolios with effective long-term thematic allocation opportunities.
Skyline’s Clean Energy Fund powers Canada’s transition to solar
In a market where solar investment opportunities within managed portfolios remain limited, Skyline Clean Energy Fund offers focused access to this rapidly growing sector. Launched in 2018, the Fund’s portfolio comprises 86 clean energy assets totaling 94.72 MW/DC in size⁹ (as of August 6, 2025). With approximately two-thirds of the portfolio dedicated to income-generating solar assets and the remainder invested in renewable biogas, the Fund provides investors with diversified, professionally managed exposure to renewable energy.
These domains provide a strong return on investment backed by long-term energy offtake contracts with creditworthy counterparties. This income stability has contributed to a stable, long-term return profile, with Class ‘F’ Fund units producing a 10.34% annualized return since inception.¹⁰
Skyline Clean Energy Fund’s Class A Units are available through Skyline Wealth Management, a Canadian investment firm and the preferred Exempt Market Dealer for the Fund. Class F Units (SKY2018) for the Fund are available for purchase through Fundserv.
Rob Stein
President, Skyline Clean Energy Fund
¹ Ember, https://ember-energy.org/data/electricity-data-explorer/?fuel=solar
² LowCarbonPower, https://lowcarbonpower.org
³ Ember, https://ember-energy.org/data/us-electricity-data-explorer/
⁵ The Canadian Renewable Energy Association, https://renewablesassociation.ca/news-release-canrea-marks-fifth-anniversary-with-special-industry-data-report/
⁶ Government of Canada, https://www.canada.ca/en/services/environment/weather/climatechange/canada-international-action/un-climate-change-conference/cop28-summit/summary-outcomes.html
⁷ International Renewable Energy Agency, https://www.irena.org/Digital-Report/Tracking-COP28-outcomes-Tripling-renewable-power-capacity-by-2030?utm_source=chatgpt.com
⁸ Government of Canada, https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/net-zero-emissions-2050/advisory-body/first-annual-report-to-minister/minister-response.html
¹⁰ The performance quoted represents since inception – Class F performance: Skyline Clean Energy Fund 9.05% 1-year, 10.34% since inception (December 2022). Class A performance: Skyline Clean Energy Fund, 8.95% 1-year, 9.41% 3-year, 9.35% 5-year, and 9.06% inception (May 3, 2018) – performance for Class A of the Fund and does not guarantee future results for Class F. Skyline Clean Energy Fund’s figures are as at July 2, 2025.
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