The total value of power projects in the pipeline in (Persian) Gulf Cooperation Council states stands at more than $320 billion at present, of which over $100 billion are linked to the renewable and alternative sources, according to a report.
In recent years, the interest in renewable energy across the (P)GCC has been on the rise due to the surging demand for electricity which is set to hit 100 gigawatts within 10 years, stated Ventures Onsite, a project tracking portal, Trade Arabia reported.
Availability of resources, improved technology, decreased costs, among others, are factors which make investing in renewable energy easier than before, it added. The region's power sector will continue to be active for the near future, said the report citing senior industry experts. According to the report, the (P)GCC countries will require an additional generating capacity of 69 gigawatts between 2016-2020 through development of projects worth $137 billion. "What is required for the next 10 years is 100 GW," they added.
The rise in demand is mainly affiliated to the growing population, urbanization and industrialization. According to experts, about 85% to 90% of future renewable energy projects will be utilizing solar energy in the (P)GCC countries which have an abundance of sunshine and space for developing large solar plants.
The UAE, Saudi Arabia and Kuwait have emerged as the biggest solar markets in the region, said the report.
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