Yingli eyes a slice of the Middle East solar pie
World's largest PV manufacturer targets expansion in the region.
The world’s largest maker of photo-voltaic panels is gearing up for a major push into the Middle East, in a sign of rising confidence in the region’s solar energy plans.
Yingli Solar is in talks with governments and Independent Power Producers (IPP) in the region to deploy large scale installations, it announced today.
Ambitious government targets and initiatives to stimulate the development of solar power projects have helped prompt the move, senior executives told a press conference in Dubai today.
“Many governments in the Middle East and Africa are decreasing their reliance on traditional power sources in favour of renewable energy solutions,” said Evangelos Lianos, executive director Middle East.
“New legislation has also made it possible for many home-owners and businesses to install solar solutions and have great access to clean energy.
“We are confident that in the coming years, the MEA will emerge as a hub for solar power.”
Dubai is aiming for solar power to provide 5% of demand by 2030 while Abu Dhabi has gone further in targeting 7% by 2020. Saudi Arabia alone is looking to add 41 GW of solar power capacity by 2032.
Industry reports suggest as much as $50bn could be invested in renewable energy projects in the region between now and 2020.
“With solar panel prices reaching very affordable price levels and people’s environmental awareness increasing, we are confident that more and more customers in the region will turn to solar energy as the best regional power alternative,” said Yao Wen, managing director.
“While Yingli has been supplying its solutions to the Middle East for some time now, our permanent presence through our offices in the region will ensure a quicker response time to our customers.”
Yingli Solar has a 9% share of the global PV panel market and has an installed capacity of 9 GW following sales of 3.2 GW last year.
The company believes the Middle East market has the potential to provide a large share of the 4.5 GW in sales it is targeting this year, the Chinese giant.