The United Arab Emirates and Saudi Arabia plan to build solar power plants with a capacity of 1,000 MW to reduce their dependence on fossil fuels for electricity production. In March 2011, the company Masdar in Abu Dhabi, in partnership with two companies, Total and Abengoa, asked 10 banks for $600 million in funding to create the largest solar plant in the Gulf. The plant (100MW) started working in March last year. The volume of the solar market in the MENA area is $50 billion. The problem is that the interest rates on loans for such projects are higher than those of gas power plants. The projects need to generate income before the companies operating them enter the bond market because most investors want effective and stable earnings.
Source: Arqam, 31/01/2014
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