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Thu 10 May 2018 09:12 AM

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Video: The business opportunity in UAE's growing solar energy industry

Four years ago, Daniel Calderon left his corporate career behind to set up renewable energy developer Alcazar Energy. With the cost of producing clean energy plummeting, technology advancing and regional governments building the right framework to attract new players, Calderon is on the verge of building a legacy.

Currently, a fifth of the world’s electricity is produced by renewable energy. New solar power accounts for half of all new capacity, followed by wind power, which accounts for a third – making this the first time in history that added solar capacity managed to outstrip all other electricity producing technology.

“Back in 2006, if you wanted to build mega solar plant in somewhere like Germany, it would cost you $10m,” he told Arabian Business in a recent interview.

“For those plants to make a profit they would have to sell electricity at 50 euro cents per Kilo Watt hour (kWh). Today, in Egypt we have plants selling at eight cents per kWh.

“In 2006, a solar panel had an efficiency of just seven percent – meaning only seven percent of it was converted by sun rays. Today that number is in the twenties, while the cost of plants has dropped below $1m/MW. For example, you could be building something at less than 10 percent of the cost in 2016, and it is three times more efficient just a decade later,” says Calderon.

In this edition of Inside AB, Lubna Hamdan and Eddie Taylor look at how renewables have become a viable alternative in many countries. And business leaders like Daniel Calderon are seizing this opportunity to reshape the future of energy production.

For more on this story visit.

(Source: Arabianbusiness.com YouTube channel)