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Saudi Arabia: Investors sought for multibillion dollar solar energy project | ASHARQ AL-AWSAT English Archive 2005 -2017
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Abu Dhabi, Asharq Al-Awsat- The International Renewable Energy Agency (IRENA) states that Saudi Arabia is looking for investors for a solar energy project worth US$ 109 billion, which will secure a third of the country’s electricity needs by the year 2032. This is in addition to planned projects in the fields of nuclear, wind and geothermal energy.

IRENA confirmed that the total value of global investment in “clean energy” in the third quarter of 2012 reached US$ 56.6 billion, and claimed that the Gulf Cooperation Council (GCC) could achieve revenues of up to US$ 200 billion by 2030 by integrating renewable energy projects and plans. The agency, based in the UAE capital Abu Dhabi, pointed out that Qatar is currently working on a solar energy project that will ensure 16 percent of its total electricity production by 2018.

In a statement, IRENA said that the countries of the Gulf region are continuing to establish and develop many ambitious projects in the field of renewable energy, supported by innovative development and research as well as investment. The agency added that there are currently 30 active projects in place in the region, either in the planning and construction stage or having been completed already. IRENA believes that emerging nations have now taken a clear shift in direction, with regards to the demand for new sources of energy, and this shift was reflected through the projects that were reviewed from the Middle East, India and North Africa during the World Future Energy Summit 2012.

IRENA confirmed that it is seeking to bring about new momentum in addition to significant growth in investment in renewable energy sources, with the announcement of the first round of conciliatory loans as part of its wider financial campaign, which will provide US$ 350 million in coordination with the Abu Dhabi Fund for Development. The deadline for applications for this round is the 12th January 2013, with up to US$ 50 million available for renewable energy projects.