A report published by UK-based law firm Ashurst recognised the Middle East to be the second most popular region for renewable energy investment. North America has topped the list in this regard, the report said.
In fact, the Middle East houses some of the largest renewable energy projects in the world. Now the UAE is building the Mohammed Bin Rashid Solar Park which is the biggest concentrated solar power project in the world.
It is reported that the project will use technologies for generating renewable energy. This includes the 600MW parabolic basin complex and the 100MW solar tower sprawling across 43 square kilometers, media reports said. The project’s investment is worth Dh14.2 billion and has received the lowest Leveled Cost of Electricity of Dh.3 cents per kilowatt hour—marking a global achievement.
David Wadham, Ashurst’s global co-head of power & utilities, told the media, “It is indisputable that investment in renewable energy and decarbonisation technologies is on the rise. Although there are notable market variations, we see this as the dominant trend in the energy sector across the board. Across the globe, there is significant pressure on governments, corporates and financial institutions to take action now. The outlook for MENA is no different. The region has historically experienced strong demand growth and while perhaps slower than some other regions to turn to renewables, the region is now very much in the vanguard of cost-effective, large-scale low carbon power production.”
Global investors are seeking projects with low-carbon potential in the region, media reports said.