View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Comment
March 27, 2019

The Middle East gets to work on renewable projects

The global installation of renewable energy projects was more than double the installation of conventional thermal power plants in 2017

By MEED   

Less than two months after announcing its ambitious plan to install 58.7 GW of renewable power generation capacity by 2030, Saudi Arabia has started the prequalification process to identify developers for its first seven photovoltaic (PV) solar projects, which have a combined electricity generation capacity of 1.15 GW.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

Middle East renewables: Saudi Arabia

Riyadh says it will follow up in the second half of 2019 with the launch of an additional five PV projects with a capacity of 1.1 GW as well as an 850 MW wind project.

It is a giant leap for the country and a huge challenge.

To date, Saudi Arabia has awarded only two contracts for clean energy projects, with a combined capacity of 700MW. It must show that it can move faster than it ever has before if it is to reach its target of procuring 27.3 GW of renewable energy by 2024.

UAE: Abu Dhabi and Dubai

In early March, Abu Dhabi in the UAE received expressions of interest for a planned 2 GW PV solar project at Al-Dhafrah, which will be the largest single-site PV project in the world. Dubai, meanwhile, has started prequalification for the 900MW fifth phase of its Mohammed bin Rashid solar park.

Kuwait is also moving ahead with one of the largest solar projects in the region, with Kuwait National Petroleum Company expecting to receive proposals for a 1 GW PV scheme before the end of March.

The global installation of renewable energy projects was more than double the installation of conventional thermal power plants in 2017. In the Middle East, the falling costs of renewables, which have recently dropped below that of thermal power, and the drive for diversification mean the region is following suit.

While some sectors are facing project delays due to global economic conditions, the capital costs of renewables programmes are being financed under long-term power-purchase agreements. The combination of private sector involvement and political will for carbon-free energy will set the Middle East up to be a global power in renewable energy development.

MEED This article is sourced from Power Technology sister publication www.meed.com, a leading source of high-value business intelligence and economic analysis about the Middle East and North Africa. To access more MEED content register for the 30-day Free Guest User Programme. https://www.meed.com/registration/

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology