OPEC Nations Seek Cash for $1.5 Billion Solar Shift: Arab Credit

in MESIA in the News, Middle East Solar News

Two of the largest oil producers are readying the Middle East’s first big push into renewable energy, planning solar-power plants that will need more than $1.5 billion in financing by the end of 2014.
Saudi Arabia, the biggest member of the Organization of Petroleum Exporting Countries, and the United Arab Emirates, fourth-biggest in the group, are seeking to add 1,000 megawatts of solar capacity, enough to electrify 200,000 homes. The forecast expansion, which includes Jordan, will require loans and export credits, said Vahid Fotuhi, president of the Dubai-based Emirates Solar Industry Association.

 

Read the full article