SolarPower Europe research reveals solar photovoltaic investment opportunities in Middle East
Data from renewable energy company, Finergreen, has revealed the solar photovoltaic (PV) investment opportunities and potential in Saudi Arabia, Oman, Jordan, and Egypt, based on a report produced by SolarPower Europe. Antonie Poussard, Manager Partner at Finergreen, revealed that with the ambitious renewable energy targets, increased market liberalisation, and the enormous solar potential, the solar PV sector in the Middle East is set to boom over the next five years.
Speaking at the Intersolar Conference at Middle East Energy, Poussard said: “Saudi Arabia plans to increase its installed PV capacity by adding 9.5GW by 2023. Achieving this goal will result from policymakers reshaping the legal framework governing foreign investments and renewable energy. This, coupled with continued market liberalisation, is how Saudi Arabia will unlock its full solar potential.”
According to the SolarPower report, Saudi Arabia’s National Renewable Energy Programme (NREP) will be the mechanism for delivering the country’s Vision 2030, which forecasts energy consumption to increase threefold between 2016 and 2030.
The report also highlighted Jordan’s plans to decrease its dependency on fossil fuel imports with an ambitious renewable energy target with electricity generation from renewables set to reach 31 percent by 2030. The data also revealed a remarkable breakthrough between 2015-2020 by raising renewable energy’s share in the electricity mix from 1 to 14 percent. However, it was also outlined that bold measures would be required to meet targets and a need for the public and private sector to work in tandem.
Data also revealed Egypt is repositioning itself as a regional energy leader with strong clean energy investment ambitions and is viewed as an example for neighbouring countries across the Middle East and Africa. However, the report highlighted that achieving the country’s clean energy transition and meeting renewable energy targets will be tied to implementing conditions that attract further investment and improve business environments.
Oman has also resumed its ambitious development plan for renewables after successfully securing financing for its first utility-scale solar plant, which will be essential for the success of the country's energy transition.