Market snapshot of Mena renewable energy

26 May 2023
Planned and unawarded Mena renewable energy projects total $150bn

Key points: 

> HISTORICAL PERFORMANCE: Over $48bn-worth of renewable energy projects have been awarded in the Middle East and North Africa over the past decade, with Saudi Arabia the biggest proponent of renewable energy in the region. 

> ANNUAL CONTRACT AWARDS: 2017 was the sector’s strongest year in the past decade

> MARKET SHARE: Saudi Arabia has accelerated its investment in clean energy in recent years and this trend is likely to continue in future.

> CONTRACTOR RANKING: India’s Larsen & Toubro is the largest contractor for renewable energy projects followed by Chinese state-owned Sinohydro.

> PROJECTS UNDER EXECUTION: The top three renewable energy projects under execution are:

  1. Saudi Arabia's Neom City: green fuels: renewable energy project (Neom Green Hydrogen Company) – $4bn
  2. UAE's 950MW Mohammed bin Rashid al-Maktoum solar power plant CSP (phase 4) (Noor Energy 1) – $3.9bn
  3. Saudi Arabia's renewable energy programme: phase 2: Shuaibah 2 solar PV power plant (Acwa Power/Public Investment Fund) – $2.6bn

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