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$15bn-plus Solar Projects to kick off Operations in Mena by 2026

Solar power projects worth more than AED55 billion ($15 billion) will become operational across the Middle East and North Africa over the next five years, said a report.

 

Research from Informa Markets revealed that 83 GW of renewable and clean energy capacity, mainly solar and wind power, is being planned across the Mena region within the next 20 years.

 

The figures were highlighted as the Middle East is set to become a market leader in renewable and clean energy due to well-designed auctions, favourable financing conditions, and declining technology costs, all contributing to bringing renewables into the mainstream.

 

In the GCC, the UAE remains a leader in energy transition thanks to a robust pipeline of developments. These include the 2GW Al Dhafra solar power project in Abu Dhabi, which will eventually power 160,000 homes, and the 1.5GW PV3 project, also in the emirate.

 

In Dubai, the fourth and fifth phases of the Mohammed bin Rashid Al Maktoum (MBR) solar facility are under development. Once completed, the MBR plant will be the world’s largest single-site solar installation, with a planned total capacity of 5GW when fully operational by 2030.

 

Putting those figures in context, 1GW is equal to 3.125 million photovoltaic panels, it added.

 

Claudia Konieczna, Exhibition Director, Middle East Energy, said: "We expect renewable and clean energy to account for 34% of total power sector investments across the Mena region in the next five years."

 

"Naturally, with the demand for new power capacity increasing in the region, one of the hot topics of discussion is renewable and clean energy and how countries are advancing initiatives in this sector. Creating dialogue on this subject is paramount to supporting Middle East Energy’s attendees in all future decision-making processes," he added.

 

The importance of the renewables and clean sector, and the anticipated growth, was recently underscored in the report 'Covid-19 impact on renewable energy market – Global Forecast to 2021”.

 

The findings revealed revenue generated from renewable and clean energy is expected to increase from AED675 billion in 2020 to AED829 billion in 2021, representing a 22% increase.

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