Oil price driving PV development in the Middle East21. January 2013 | Global PV markets, Industry & Suppliers, Markets & Trends, Investor news | By: Max Hall
U.S. solar module manufacturer-turned-plant-developer First Solar is targeting the Middle East and north Africa as a growth market as oil and gas-rich nations look to reduce their domestic reliance on such fuels to maximize export returns.
Talking to Bloomberg, First Solar's chief technology officer Raffi Garabedian confirmed the U.S. giant's decision to diversify into plant development, using its own modules, had made it more competitive on the international stage.
With European Brent crude oil trading at more than US$110 per barrel, the cost to oil producing nations of burning such fuel at a subsidized rate for domestic customers was as high as $90/barrel, according to Adnan Amin, director general of the Abu Dhabi-based International Renewable Energy Agency, also quoted in the Bloomberg article.
The countries across the oil-producing region are experiencing a rising demand for electricity.
Mr Garabedian was interviewed during last week's World Future Energy Summit in Abu Dhabi.
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