Fuelled by an ambitious vision, Saudi Arabia may be single handedly changing the face of the solar energy sector. If that seems like a tall order, consider the facts: recent global reports have indicated there is an excess supply of solar modules due to the current limited existing demand. As a result, some of the more popular solar markets of Europe, China and North America have become close to saturated.
Saudi Arabia announced plans to generate 40 GW of electricity through solar energy by 2032
On the other hand, Saudi Arabia very recently announced plans to generate 40 GW of electricity through solar energy by 2032. As per the Kingdom's National Energy Plan, the King Abdulaziz City for Atomic and Renewable Energy expects concentrated solar power technologies to amount to 25 GW. It may appear to be too ambitious a plan, but the Kingdom is serious about harvesting solar energy: the first tender for a 2,000 MW power plant is expected to be announced in early 2013 followed very shortly by a second tender for a 2,500 MW plant in 2014.
Given the dismal state of the almost saturated solar markets, Saudi Arabia's growing interest in the solar industry by an investment reaching to US$109 billion is seen by many as a boost to the international market.