Driving Down Global Costs Of Solar Energy

Increasing global energy demands have ensured that driving down the cost of producing electricity has become an imperative. Coupled with a strong push to combat climate change, worldwide people have turned to renewable energy as the solution to the current energy challenges that the world faces. But, are renewable energy solutions a realistic and affordable alternative to traditional energy supplies?

Solar power developers are currently competing to break world records to drive down the cost of solar power solutions.

In a recent tender submission for the Abu Dhabi Water and Electricity Authority (ADWEA) PV project, three of the bids submitted broke the previous world record for the lowest solar tariff in the world.

All of these bids were all more than 10% lower than the previous record for lowest tariff for a large scale plant, currently being built in Dubai. More importantly the three consortia submitting the bids were the only solar energy developers ever to bid below 2.9 US cents per kWh.

ADWEA’s PV project is planned to be the largest international PV solar facility on the planet, and at a cost of ca. US$700m, is already considered one of the world’s most significant achievements in renewable energy.

ADWEA is currently conducting due diligence of the three Preferred Consortia submissions and will announce the winning bid/s in November 2016.

The arrival of low cost solar power has taken many governments by surprise. With the enacting of carbon tax legislation under their COP commitments, however, they will soon realise that solar energy is the future. The cost of battery storage for solar energy is on a similar downward trajectory and is now market competitive.

Solar power is cheaper, safer and quicker with no ongoing carbon footprint. It is the energy of now and the future. Fossil fuels in regions of reasonable sunshine should have taken the trail of the dinosaurs.

Solar Capital (Pty) Ltd is a subsidiary of Phelan Energy Group Ltda prominent South African based International Investment and Development Company, with the vision to become a market leader in the production of solar energy in Southern Africa. Based in Cape Town, Solar Capital has built up a local and international proficiency in renewable energy, in order to realize its mission. With Southern Africa having some of the highest annual solar radiation levels in the world, Solar Capital has invested in real estate and technology with the potential to develop the continent’s most valuable energy source – the sun.
www.phelanenergygroup.com
www.solarcapital.co.za

Phelan Energy Group

47 Main Road
Green Point
Cape Town
Tel: +27 (0) 21 433 0366
Fax: +27 (0) 21 433 2099
Paschal Phelan

This release was published on openPR.