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Saudi Arabia quickens pace on Renewable Energy projects | |
| Staff Writer |
A new report from Global Data indicates that Viable storage options that ensure the long-term success of renewables need reviewing in the Middle East.
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The development of solar power and other renewable energy solutions has accelerated quickly in recent years, in the Middle East , although its economy has been based traditionally on oil and gas. The government has been seeking to hit sustainability targets as part of a larger economic roadmaps, with increased dependency on solar energy.
As part of the government’s Vision 2030, Saudi Arabia has committed to adding 27 GW of renewable energy capacity by 2023 and also set a target of 58.7 GW by 2030, alongside becoming home to the world’s largest battery.
In 2020, the Red Sea Development Company (TRSDC) awarded a contract to develop all its utilities infrastructure to Saudi-based utilities developer Acwa Power which included building the world’s largest battery energy storage facility of 1,000 megawatt-hours. This solution will enable the development, which includes 16 hotels and an airport, to be powered 100 per cent off- grid renewable energy .
Globally, the market for battery energy storage is estimated to grow to $10.84bn in 2026, shows GlobalData. The fall in battery technology prices and the increasing need for grid stability and resilience of the integration of renewable power in the power market are few factors contributing to this development.