MENA solar projects value hits 2.7b in 2015

15 Jan 2015

(MENAFN) According to the latest report by the Middle East Solar Industry Association (MESIA), the Middle East and North Africa region (MENA) is expected to launch solar projects with a combined value of USD2.7 billion in 2015, Gulf Business reported.

The report indicated that these solar projects will have the capacity to produce up to 1.800 megawatts (MW) of power and will be either awarded or tendered over the next 12 months within the region, which will be an increase by 6 times compared to the 300MW of capacity in the projects awarded in 2014.

MESIA said that in 2015, solar is expected to be more pan-regional with the association estimating that projects will take off in 11 different countries across the region from Morocco to Saudi Arabia, compared to just one or two countries that were active in solar power generation last year.

“In 2013, there were only three projects awarded larger than 10MW. This year, that number is expected to reach 40. Each of these projects will be worth at least $60 million and several will exceed $100 million. The cost of large scale solar PV is similar to the cost of generating power with oil at $20/barrel. As long as oil remains above $20/barrel it is more economically attractive to use solar for electricity generation and keep oil for more valuable purposes such as transport fuels,” the report said.