Saudi Arabia has set an ambitious target of installing more than 40 GW of solar power capacity by 2032, of which 60 percent would be from concentrated solar power (CSP) and remaining from photovoltaics (PV). Concentrating solar power technology is being looked at as a path breaking initiative by the country as it will need to install much more CSP capacity than any other country has ever done while also continuing to develop other sources to achieve its overall renewable energy target. The CSP target could be responsible for the generation of 75 to 110 TWh of electricity per annum once it starts operations.
Apart from the early technological feasibility studies, the subject has not been researched much, as of now, but with CSP playing a pivotal role in the country’s renewable energy target achievement, many studies to read the potential of the technology in the country will take place. Together, CSP and PV will effect an increased exploitation of the country’s enormous solar power potential and will be responsible for cleaner power production. The solar power development will augment the government’s efforts in realizing its renewable energy targets to help the country develop sustainably.
A “GCC Renewable Energy Sector Analysis” report said solar holds the key to renewable energy development in the GCC region as it is the single most abundant renewable source of energy available there. Power produced from solar energy is efficient and cheaper as compared to other renewable sources of energy.
The study investigates the solar power potential of the region and individual countries. Huge investments and research studies are happening in efforts to tap the solar energy in the region as part of the renewable energy development. Almost 85 to 90 percent of the money being spent on renewable energy development is being put in solar energy. The “GCC Renewable Energy Sector Analysis” research report documents all the initiatives being taken in the individual countries to help boost their power production from solar energy. The report from KuicK research vitalizes solar energy as a means to the targeted power production from renewable energy. The future of solar power in the GCC region is as bright as sunshine, the research study added.
QE market cap rises to QR559.48bn
Qatari stocks marginally gained last week with the main index of the bourse looking up 97.13 points, or 0.93 percent, to 10,486.23 yesterday which was the last trading day of the week.