Solar Investment Opportunities in the MENA region

New publications on solar investment opportunities in Algeria and the wider Middle East

Through its Emerging Markets Workstream, chaired by Eni, SolarPower Europe has published 9th and 10th editions in its series of reports on solar investment opportunities. These latest publications cover Algeria and the wider Middle East, with the latter covering the solar opportunities in Egypt, Jordan, Oman, and Saudi Arabia.

The research presents general overviews of the relevant domestic business environments and major macroeconomic and socio-political trends, while analysing issues related to foreign investment barriers and the political situation in each of the five countries.

Both reports put forward policy recommendations that are designed to harness the enormous photovoltaic potential of the region and encourage international investment in the five markets.

Walburga Hemetsberger, CEO of SolarPower Europe said, “Our Emerging Markets Workstream has reached a key milestone, as they publish their ninth and tenth reports on solar investment opportunities. It’s only fitting that these latest reports cover regions with such enormous solar potential. We were pleased to work with a number of members and partners to publish these crucial documents, and we look forward to continuing collaboration as the sector grows in these regions.”

Stefano Mantellassi, Head of Renewables, Southern Europe, Eni gas e luce S.p.A., and Chair of SolarPower Europe’s Emerging Markets Workstream, said, “Algeria now has the opportunity to unleash its remarkable potential, attract international players (IPP, EPC Contractors, Financial Institutions) and develop a vibrant solar renewable market. To seize this opportunity, there are regulatory, commercial, and financial requirements that need to be addressed with the cooperation of all stakeholders.”

Antoine Poussard, Managing Partner, Finergreen said, “Algeria has one of the highest solar potentials across the whole continent. However, there remain some key challenges to overcome, especially on the bankability and financing aspects. There are strong reasons to be optimistic, as we see with satisfaction that authorities are confirming strong ambitions and their commitment to making the green transition a reality.”

Mr. Poussard continued, “During the pandemic, Oman resumed its ambitious development plan for renewables after successfully securing financing for its first utility scale solar plant. This is a great sign for future growth in a challenging environment, whereby finding competitive financing is difficult – although key for the success of the energy transition of the country”

Roberto Vigotti, Secretary-General of RES4Africa Foundation said, “Egypt is repositioning itself as a regional energy leader with strong clean energy investment ambitions, setting an example for neighbouring countries across the Middle East and Africa. Yet, achieving the country’s clean energy transition and meeting renewable energy targets will be tied to implementing conditions that attract further investment and improve business environments. As RES4Africa Foundation highlighted in the first chapter of the report, liberalising the energy market by fostering appealing corporate PPAs could move Egypt forward to market parity.”

Constantinos Peonides, Commercial Director, Alectris, said, “Jordan is planning to decrease its dependency on fossil fuel imports with an ambitious renewable energy target: electricity generation from renewables is set to reach 31% by 2030. History has proven that Jordan can achieve its renewable energy targets. It has achieved a remarkable breakthrough in the period 2015-2020 by raising renewable energy’s share in the electricity mix from 1 per cent to 14 per cent. However, it will take more than ambition alone to reach its target. Political will and bold measures will be needed as well as for the public and private sector to work in tandem.”

Roger Taylor, Director of Business Development, EXXERGY said, “Saudi Arabia plans to increase its installed capacity of PV by adding 9.5GW by 2023. This is an ambitious goal for a country that currently has just over 500MW installed. A concerted effort is needed on the part of policy makers to reshape the legal framework governing foreign investments and renewable energy. This, coupled with continued market liberalisation, is how Saudi Arabia will unlock its full solar potential.”

SolarPower Europe’s Emerging Markets Workstream was launched in March 2018 to identify new avenues for business and cooperation, and to contribute to the global energy transition. Since its creation, the workstream has continued to grow and now comprises 150 experts from more than 70 companies, with a significant portfolio of investments in emerging markets around the world. These latest publications mark the ninth and tenth editions of the workstream’s reports covering solar investment opportunities, with previous editions including Mozambique; Senegal; Côte d’Ivoire; Myanmar; Kazakhstan; India; Tunisia; and Latin America.

Share on facebook
Share on twitter
Share on linkedin
Share on print
Share on email
Close Menu

Close Menu