Emerging solar markets will come of age in the 2020 as countries from Saudi Arabia to Pakistan to Malaysia join the “gigawatt club.” Outside of the OECD, there are now auctions planned in 44 countries, and a solar project pipeline of 180 gigawatts in almost 120 countries, according to Wood Mackenzie. However, new markets will bring new kinds of challenges for solar. These include the risk of weak offtaker finances leading to power purchase agreement renegotiations (as in South Africa and India) and rock-bottom auction prices (mostly in Gulf Cooperation Council countries) setting unrealistically low price expectations from governments in more challenging markets.