BAKU, Azerbaijan, May 28. The Middle East's total solar capacity is projected to reach nearly 23 GW by the end of 2024, says Rystad Energy, an independent energy research and business intelligence company from Norway, Trend reports.
According to the company's data, at the end of 2023, the region's overall solar capacity surpassed 16 GW.
By 2030, solar capacity is expected to exceed 100 GW, with green hydrogen projects driving an annual growth rate of 30 percent, Rystad Energy forecasts.
The region's exceptional solar potential sees countries like Saudi Arabia, the UAE, and Oman receiving more than 2,000 kWh per square meter annually in solar irradiation. Saudi Arabia, the UAE, Oman, and Israel are set to collectively account for nearly two-thirds of the region’s total solar capacity by the end of the decade.
Saudi Arabia’s Sudair solar project, now fully operational with 1.5 GW of capacity, has raised the country’s total installed solar capacity to over 2.7 GW. Aiming for over 58 GW of capacity by 2030, Saudi Arabia is committed to boosting renewable energy to 50 percent of its power mix, up from the current 2 percent. However, announced projects only cover about 13 GW, with ongoing auctions adding another 5.5 GW, leaving a significant gap of over 18 GW.
The UAE is also making strides in clean energy, planning to increase its solar PV capacity from 6 GW today to 14 GW by 2030. The country aims for 44 percent renewables in its power mix by 2050, up from the current 6 percent. The landmark MBR Solar Park is set to achieve a 5 GW alternating current (GWAC) capacity by 2030, with an investment of approximately $14 billion.
Furthermore, Oman plans to expand its renewable energy capacity from around 700 MW today to almost 3 GW by 2025, and 4.5 GW by 2030, targeting a 30-percent renewable energy share from the current 3 percent, with the remaining 70 percent coming from gas generation. Recently, Oman invited developers for five onshore wind projects totaling about 1 GW. Additionally, Oman aspires to become the largest exporter of green hydrogen by 2030, with a production target of up to 1.15 million metric tonnes annually and has allocated 50,000 square kilometers of land for hydrogen project development.