The drive to electrify Sub-Saharan Africa will require US$350 billion of investment and could reveal an alternative vision for the energy transition that focuses on a decentralised, bottom-up solar-and-storage rich grid that takes advantage of cheap solar power, according to research firm Wood Mackenzie.
The levelised cost of electricity (LCOE) generated from solar power could fall by as much as 55% globally by 2030 as technology and production costs decline, new research from energy major bp has revealed.
Norwegian renewables company Scatec has signed a memorandum of understanding with the General Authority for Suez Canal Economic Zone (SCZONE), The Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority to develop a large-scale green ammonia plant in Egypt.
Module prices are to remain elevated for the next 18 months at least, with any additional manufacturing capacity set to be quickly swallowed by soaring demand and capacity addition outside of China considered risky, Finlay Colville, head of market research at Solar Media, has said.
Solar developers ACWA Power and Jinko Power have both penned power purchase agreements in Saudi Arabia, with the country aiming to launch 15GW of projects in the next two years.
Norway’s Norfund and UK development finance institution CDC have teamed up to fund 2.4GW of renewable deployment in South Africa through a ZAR600 million (US$39 million) investment in renewables company H1 Capital.
Norwegian renewables company Scatec and Indian solar developer ACME Group have signed a joint venture agreement to develop a large-scale green ammonia facility in Oman with an annual capacity of 1.2 million tonnes once fully developed.
