The world’s largest solar project being built in the Middle East is at a record low for cost in solar price. It’s expected to be completed in 2022, and it will stand as the largest single-site solar energy project.
Why is this Solar Project So Cheap?
There are a few places in the Middle East going head to head in seeing if they can hold the record low for solar projects. In Dubai, a project that started in 2013 is looking to get up to 5 gigawatts by 2030. This project set the record low in November with a 1.7 U.S. cents deal for the next 900 megawatts of its solar park.
Qatar decided to take the reins in January with 1.6 cents per kilowatt-hour. Now, United Arab Emirates looks to have the record low again. A 40 percent stake will go to the winners and receive a 30-year PPA contract including construction, procurement, and operations and maintenance.
The Middle East Advantages
To have a successful solar project, there are many factors that have to be in place. In the Middle East, their advantage is the resources, which include large and flat sites, cheap land costs, cheap finance, and massive scale.
Is the COVID-19 Pandemic Affecting Production?
As it looks, there hasn’t been many hiccups with solar projects in the Middle East due to the Coronavirus Pandemic. Even as many markets are currently in lockdown, the solar energy sector is still continuing to push their projects.
At Pope Energy, we’re in the business of providing large-scale solar energy projects for the New England region of the United States. For landowners, real estate owners, farmers, and commercial building owners, solar energy can become a major importance for your business. A long-term investment in solar will pay off down the road.
Contact Pope Energy at 855-767-3363 today!