May 16, 2012 -

Create solar industry to power 1/3 of Saudi Arabia in 2030

Solar stocks could get a boost as Saudi Arabia has announced a $109 billion plan to create a solar industry that will generate a third of the nation's electricity within two decades. The Saudi Arabian Market would provide significant opportunities for solar panel manufacturers. Five Star Equities examines the outlook for companies in the Solar Industry and provides equity research on First Solar, Inc. FSLR -2.43% and SunPower Corporation SPWR +2.94% .

Maher al-Odan 41 GW solar in 2032

"We are not only looking for building solar plants," Maher al-Odan, a consultant at the King Abdullah City for Atomic and Renewable Energy, said in a recent interview. "We want to run a sustainable solar energy sector that will become a driver for domestic energy for years to come." Saudi Arabia, the world's largest oil exporter, hopes to have 41,000 megawatts of solar capacity by 2032 said al-Odan. According to Bloomberg New Energy Finance the nation trails Egypt, Morocco, Tunisia, Algeria, and the United Arab Emirates with only 3 megawatts of solar installations.

source: marketwatch.com

Saudi Arabia Plans $109 Billion Boost for Solar Power

initial capital costs for the solar projects

of about $2.17 per watt of capacity installed.

The capital cost of installing the 41,000 megawatts should be around $82 billion, al-Odan said. The rest of the $109- billion investment will go to train the Saudis to run the solar plants as well as for maintenance and operation, he said.

source: bloomberg.com/news/2012

Oct 2011

First solar engery plant inaugrated in Saudia Arabia

Abdullah bin Mohammed Al-Suwayed,

undersecretary of Jazan governorate, on Saturday inaugurated the first solar energy plant in the Kingdom.The 500 kilowatts capacity plant is built in Farasan Island, southwest Saudi Arabia

source:newswala.com