GCC Going Big and Long-Term on Renewable Energy

Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Gulf Cooperation Council (GCC) countries could benefit to the tune of $200 billion by renewable integration by 2030, according to the International Renewable Energy Agency (IRENA).

The region currently has 30 major projects in the planning stage, under construction or completed. IRENA says that such projects mark a trend in shifting demand for investment in renewable projects for developing countries.

In terms of major projects, Qatar is developing plans for what would be the world's largest solar power facility with a 1,800-megawatt (MW) solar plant that could produce about 16% of the country's energy requirement. Qatar has made plans to use the solar power to fuel its desalination plants by 2018. Currently, these are gas-fired and Qatar is the largest exporter of liquefied natural gas globally.

Saudi Arabia is looking for an investment of $109 billion for a project that would contribute 33% of the country's electricity power needs by 2032. IRENA is working with the Abu Dhabi Fund for Development (ADFD) on the launch of a $350 million fund for renewable energy projects in developing countries.

Frank Wouters, IRENA's Deputy Director General, said: "This financing from ADFD, administered with support of IRENA, will help projects that are innovative and replicable to get off the ground. By making such projects bankable, we believe we can create substantial growth opportunities for renewables in energy-poor countries."

A "Project and Finance Village" will be set up as part of the World Future Energy Summit in Abu Dhabi next week.

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