Solar Power Wins Over Egypt to U.A.E. as Oil No Deterrent - Bloomberg

Solar Power Wins Over Egypt to U.A.E. as Oil No Deterrent - Bloomberg:



"Solar power is winning over Egypt to the United Arab Emirates even as lower oil costs are hurting the renewable energy industry.



Egypt this week announced plans for 4,300 megawatts of solar and wind power over the next three years, while Dubai’s government-owned utility awarded a $330 million contract to build a 200-megawatt solar plant to a group led by Saudi Arabia’s ACWA Power International. Jordan extended bids for four solar plants until Feb. 20 and Nigeria said it expects 20 percent of its 2020 power capacity will come from renewables.



The WilderHill New Energy Global Innovation Index of 105 clean-energy companies has dropped almost 20 percent since July 3 as Brent crude futures tumbled 55 percent. By comparison, solar panels are selling for about 70 cents a watt, down from more than $2 in 2010."



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