The signing of the Shams 1 solar power project financing in the United Arab Emirates (UAE) earlier this month has opened the way for a burgeoning in renewable energy in the Gulf, in Standard & Poor's Ratings Services view.
Three companies, France's Total S.A., Spain's Abengoa S.A., and Abu Dhabi-based Masdar gained a US$600 bank loan to build the plant, named Shams 1, which will have a 100-megawatt capacity and would qualify for carbon credits under the United Nation's Clean Development Mechanism (CDM).
We believe this marks the start of a potential new industry in renewables in the Gulf Cooperation Council (GCC) region, where renewables currently only represent less than 1% of the total energy mix.
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