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Emerging Solar Markets UAE: ROADMAP TO ACHIEVE The Solar Vision 2021
23rd September 2020 @ 3:30 pm - 5:00 pm +04
The Middle East confirms the growth and importance of solar power in the region’s energy landscape. Leading countries of the region are steadily commissioning large projects and launching additional phases of their renewable energy and solar programs (Morocco, Egypt and the UAE) and other countries of the region are coming on board. Projects in the pipeline are now tendered in Oman,Kuwait, Tunisia and countries like Pakistan and Iraq are engaging their first large utility size projects.The value of solar projects that are currently operational in the region is estimated at $ 5 billion to $ 7.5 billion and the total value of projects expected to come online by 2024 at $15 billion to $ 20 billion. The total investment in renewables in MENA between 2019-2023 at 34% of the total investment in the power sector (USD 210 billion) which amounts to an estimated USD 71.4 billion
UAE has been and is still a front runner in the energy transition in the GCC with the highest portfolio of renewables in the region. The UAE Vision 2021, UAE Green Growth Strategy, UAE Future Strategy and the UAE Centennial Plan (2071) as well as the UAE Climate Plan and UAE Energy Plan 2050 fix high targets for renewables. To raise the share of clean energy to 50% by 2050, 44 % would be supplied by renewables and 6% from nuclear power. UAE is faced with increased power coming online from renewables, nuclear and distributed solar energy which has created several challenges for the management of the grid. Storage is starting to be included in solar tenders as a key component for solving not only intermittency but managing daily and seasonal peaks. The United Arab Emirates solar energy market is expected to record a CAGR of more than 15% in the forecast period, 2020-2025. The adaption of visionary UAE Energy Strategy 2050, the country is set to increase the clean energy share to 7% by 2020 and 44% by 2050 by investing in nuclear and solar energy. With upcoming groundbreaking projects like Noor Abu Dhabi, Mohammed bin Rashid Al Maktoum Solar Park with an expected capacity of 1200 MW, and 5000 MW, respectively, the share of solar energy is going to drive at a considerable growth rate.
Projects with large capacity are under construction and planning phases that will pave the path to achieve this goal by 2050. In February 2020, with the installation of United Arab Emirates’ first floating solar farm near Nurai Island, Abu Dhabi, with a capacity of 80 KW, the UAE is set to explore new possibilities in the solar market.The world’s largest solar power plant, ‘Noor Abu Dhabi’, started generating power in July 2019, with a capacity of 1,177 MW that is expected to meet the power needs of 90,000 people. One of the dream projects, Mohamad bin Rashid solar Park, with an estimated investment of USD 13.6 billion, could power as many as 1.3 million homes, reducing carbon emissions by 6.5 million tons annually, is expected to complete its third phase by 2020. It is expected to generate 5 GW of energy after completion in 2030.With excellent geographical advantage and an average sunlight duration of 10 hours a day, the United Arab Emirates holds a strong potential for solar energy.
There’s never been a better time for the UAE’s solar leaders to come together to share their expertise and navigate the challenges we are all facing. We just can’t do that in person right now. So, in conjunction with our partners, we’re bringing you an opportunity to learn & e meet more than 100+ solar leaders across a series of live presentations, and live panel debates to discuss future of UAE Solar Market.