Published Date : Oct 27, 2015
The global renewable energy market is witnessing growth all over the world. However, there are particular regions that are booming, while others are getting mature. In the past, around 10-20 years back, the regional markets of North America and Europe were booming in global renewable energy industry. In the past, several massive investments were made in Europe and North America to fuel the renewable energy industry and many major capacity plants emerged.
Then the geographic dynamics of the global renewable energy market shifted and it was the Asia Pacific region that witnessed a boom. China, considered as the biggest polluter in the world in terms of greenhouse gas emissions has proved everybody wrong. The significant amount of investments and installations in China has painted a different picture about the country. Now, it is India that is attracting significant investment from companies around the world. Rajasthan, a state in India has already one-hundred projects approved and many are on their way.
Again the dynamics are slowly but surely shifting in the global renewable energy market. Gradually, the MENA region in the global renewable energy market is attracting attention. Morocco is now all set to become the globe’s leading supplier for solar energy as it announced the first phase of its concentrated solar power plant project.
This project is called the Noor Solar Project and is being constructed just outside the Saharan city of Ouarzazate. This project is expected to provide electricity to half of the nation by 2020. However, what is really exciting about the plant is that it will be able to deliver renewable energy even after the sun goes down. The next two phases of these project will begin in 2017 and the complete project is expected to product 580 MW at its peak once it is completed in 2020