July 24 (Renewables Now) - The Middle East and North Africa (MENA) region has more than 67 GW of renewable energy projects at different stages of the design and study phase, according to regional business intelligence provider MEED.
This means the region's renewables sector will need an investment of more than USD 200 billion (EUR 172bn) in the short term, MEED says in a report released on Sunday. Additional investment will be needed to expand and upgrade the existing networks.
According to the report, Renewable Energy in the Mena Region 2017, the pipeline of renewable energy projects will grow further in the next five years as governments implement renewable energy programmes to meet increasing power demand.
While the hydrocarbon-rich Middle East has been slow to take up renewables, this has started to change as renewable technology costs fall and governments look to diversify energy sources. Almost all of the 12 countries covered by the report have some form of renewable energy targets, MEED said.
In 2015 the 12 countries had total installed generating capacity of roughly 272 GW, of which about 7% was renewable, but mainly hydropower. Only Morocco, Abu Dhabi and Dubai had commissioned solar projects of above 100 MW.
(USD 1 = EUR 0.859)