The most important part of this is that you can have things in LEO that are fixed to Earth points. Why does this matter? No longer do you have to speed up to Mach 30 to reach orbital speeds. You could technically run a cable from 150km up and carry people and goods from Earth into LEO and back. This could revolutionize long-distance travel on Earth too.
It's estimated that a space-based power collector could create about ~7 times the energy of an Earth based collector due to less power loss from the atmosphere and night (to be clear, a solar collector in orbit would still occasionally be occluded by the Earth but it won't be half the time).
You can get power down to Earth in two ways: you can transmit it. This is actually viable but is not ideal. Alternatively, if you have an orbital ring, you can attach it to that and just run cables down to Earth. We use longer power transmission lines than that on Earth already.
All of this requires no new physics, no magical materials (eg space elevators do) and are just (admittedly massive) engineering projects. If you can get solar panels into orbit for <$10/kg payload costs and run cables down to Earth, you'll solve the variance issue with solar and create cheap power on a massive scale.
And none of this requires commercially viable fusion (which I'm not yet convinced will ever happen) or even the serious externalities of nuclear fission power.