The 2019 Solar Outlook Report sheds light on recent developments in MENAs solar markets and outlines the trends that will shape these markets in the years ahead. They key highlights are:
- The region’s solar market is now worth $20 billion. There is $5 billion worth of solar projects operating across MENA with another $15 billion of projects set come online in next 5 years.
- Prices for solar technolog continues to fall. The 200 MW Kom Ombo solar PV project in Egypt and the 150 MW Round 3 solar PV tender in Jordan both received low bids of 2.752 US$ cent/kWh and 2.488 US$ cent/kWh respectively. This is around 50% cheaper than the natural gas-based price for electricity. It is expected that in the next 3 years the price for solar will reach 1 US$ cent/kWh which would make it among the cheapest in the world.
- New markets are opening up for solar investments across the MENA region. Saudi Arabia started construction on its first utility scale PV project (300 MW Sakaka) The Kingdom is on track to award 58,000 MW of solar power by 2030, making it one of the top 5 solar markets in the world. Jordan and Lebanon are also in the process of awarding some of the first utility scale storage tenders in the region. Algeria, Tunisia and Oman are also launching major solar projects.
“We are thrilled to see how rapidly [...]
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