GCC’s major solar energy projects amounted $155billion

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The Gulf Cooperation Council (GCC) is towards a goal to become one of the world’s majorGCC’s major solar energy projects amounted $155billion green energy producers with solar energy likely to account for a large share of its power generation by 2017. The organizers of the event dedicated to the solar energy industry said that the Gulf countries have already put in the pipeline some $155 billion (Dh570.09 billion) worth of solar power installation projects.
The governments have been exploring alternative sources of power considering that the hydrocarbon reserves starting to get depleted and oil and liquefied natural gas (LNG) continue their uptrend. Analysts have said that solar energy is a rich resource in the region and can be cost-effective to use. The direct radiation exceeding the normal tolerable value in the regions in Middle East and North Africa is seen to be an awesome solar potential.
Recent decreases in the price of solar technologies and the rising electricity demand in these growing nations could make the region a hub for solar expansion if right policies are created and implemented for. The biggest project plan to build $3.2 billion facility, Mohammed Bin Rashid Al Maktoum Solar Park will have a solar capacity of 1 gigawatt which will be completed in 2030. The one in Abu Dhabi’s Masdar City is envisioned to get its electricity needs entirely from renewable energy. It is expected to be the future home of around 50,000 residents and 1,500 companies. For the Masdar project alone, an estimated Dh6 billion will be invested in alternative energy schemes alongside the UK’s Green Investment Bank.
Saudi Arabia also has an intention to double its electricity capacity by installing 54-gigawatt renewable energy by 2032 of which 41 GW will be sourced from solar energy. While Qatar and Kuwait have put attention on renewable energy sources, in which solar energy concerns will be the main topic of discussion. The summit in Dubai in September this year will talk about effective deployment of solar projects and the latest international technologies and set means expertise to meet the goals of GCC.