The GCC’s solar capacity is expected to reach 10GW by 2020, representing a market opportunity of at least $10b, according to experts from the International Renewable Energy Authority (Irena), who were cited by Trade Arabia. The experts also revealed that the MENA region was expected to attract $35b worth of renewable energy investments every year by 2020 thanks to the latest advances in lower-cost solar photovoltaic modules.
Solar rooftops in the UAE alone have reached 2.5GW and represent a $3b opportunity while the Mohammed bin Rashid Al Maktoum Solar Park will help reduce over 6.5m tons of carbon emissions, they added. Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA) said that the Al Maktoum Solar Park total capacity would reach a 1,000MW level, once complete by 2030, supplying 5% of the total energy production in Dubai, reported Al-Bawaba.
The Irena experts were speaking at World Future Energy Summit 2016 (WFES) in the UAE capital. DEWA is displaying its three smart initiatives at the event. The initiatives are part of the larger Smart Dubai initiative and involve connecting solar energy to houses and buildings, smart applications that work through smart meters and grids, and constructing the infrastructure for electric-vehicle charging stations. WFES is being held at the Abu Dhabi National Exhibition Centre and will continue until January 21.