Australia's utility-scale solar sector must halve generation costs to around AU$25-30/MWh (US$18-22/MWh) to unlock a pipeline of projects capable of delivering the 10GW of annual capacity additions needed for decarbonisation, according to the Australian Renewable Energy Agency (ARENA).
Solar PV and wind are now the cheapest power sources globally, with hybrid systems increasingly delivering 24/7 electricity at fossil-competitive costs, according to an IRENA report.
Masdar has signed an agreement with Emirates Water and Electricity Company (EWEC) to accelerate the deployment of more than 30GW of solar PV capacity and over 8GW of battery storage in the UAE.