Today the MENAT region is facing energy crisis due to excess demand and low supply of energy from crude oil reserves. Hence, it is mandatory to develop renewable forms of energy to be able to sustain in the future. Abdul Latif Jameel has taken a step in that direction and has collaborated with Fotowatio Renewable Ventures to develop Photovoltaic solar power.
There is a continuous demand for energy globally and more so in the Middle Eastern region mainly due to increasing population, infrastructural development and industrialization. Also, the Middle East North Africa region is home to most of the crude oil reserves in the world. Hence, it is one of the most demanding consumers of energy as well. This trend is expected to increase till 2030. In fact the energy demand from the MENAT region is estimated to expand by 7% annually until 2020. Thus, it is imperative to explore newer sources of energy that are sustainable. Governments and private enterprises are both making efforts to promote and propagate sustainable development using solar, wind and hydro resources so that the use of fossil fuel reserves is minimized. In fact both the United Arab Emirates and Saudi Arabia have undertaken many measures to control energy consumption. Abdul Latif Jameel- A Supporter of Renewable Energy One of the main players in this field is Abdul Latif Jameel. It has started a new business sector only for developing renewable energy sources. It aims to develop power infrastructure, generate solar power and increase the energy efficiency. It has got finance from partners for the same. This will help residents of Saudi Arabia enjoy energy efficient ways of using power and remove the threat of the looming energy crisis. Abdul Latif Jameel’s main focus is on infrastructure, solar power and to increase the energy efficiency Photovoltaic solar power for which it has acquired Fotowatio Renewable Ventures, a leading international developer of solar projects. With this acquisition Abdul Latif Jameel will be able to tap into the international developer’s excellence in engineering, construction, development and installation of solar power panels. The combination of the global power and the local will pave the way for generating around 3.8W of energy, which is the primary goal. This acquisition is part of Abdul Latif Jameel Energy and Environmental Services’ effort in becoming a global independent power producer and develop Photovoltaic solar power. Both the companies had collaborated earlier on a JV to develop solar projects in the MENAT region. With the latest deal, Abdul Latif Jameel will have all of FRV’s solar project pipeline and operation assets including 94 MW of power plants in Australia, 65 MW in Uruguay, 175 MW in Brazil and 60 MW in Egypt. The remaining 3.4 GW pipeline is in the project development phase. Now other organizations are also making efforts to explore the potential of photovoltaic opportunities in the MENAT region for better utilization of the same. This is a good step towards becoming self-reliant in the field of energy.
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September 2016
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