Solar power generation costs in the Middle East

How much solar power will MENA have by 2023?

Global solar power capacity increased by more than 25 times in this decade, from almost 23 GW at the beginning of 2010 to 617.9 GW anticipated by the end of 2020. Overall investment in the MENA energy sector could reach $1 trillion by 2023, with the power sector accounting for the largest share of the spending at 36%.

Will solar power prices reach grid parity?

This trend will continue to increase as solar power prices reach grid parity. In 2019, the global estimated additions of solar photovoltaic (PV) reached almost 138 GW (Figure 1). Within the Middle East and North Africa (MENA) region, the increased industrial activity and drive towards renewables is reflected in each country’s strategy.

How much money will the MENA energy sector invest in 2023?

Overall investment in the MENA energy sector could reach $1 trillion by 2023, with the power sector accounting for the largest share of the spending at 36%. As the unit rate for solar energy investment is reducing year-on-year, a decrease in capital does not represent a slowdown in the industry (Figure 2).

How much electricity does Tunisia use?

The national consumption of electricity in Tunisia has slightly increased between 2017 and 2018, from almost 15.6 GWh to 15.8 GWh. At the end of 2018, renewable energy represented 5.7% of the national energy production capacity (240 MW Wind, 10 MW Solar, 60 MW Hydro).

Are solar capital expenditures and generation costs declining in the Gulf?

In the intervening years, the market has validated our assessment as global average prices for utility-scale solar capital expenditures (CapEx) and generation costs in comparable climates have declined to the levels observed in the Gulf at the time of our initial study. 11

How much energy will the Sultanate generate by 2023?

The sultanate reviewed its targets to forecast an increase in peak power demand of 53%, reaching 9.96 GW by 2023. Of this total, 11% of electricity generated will come from renewable energy sources. By 2030, renewable energy should account for over 30% of the energy mix.