Middle East Energy Storage Market Seeks Private Sector Investment for Next Phase
The Middle East energy storage market, predominantly led by state-owned entities, is actively seeking private sector investment for its next phase, with Saudi Arabia and the UAE as key players. Saudi Arabia aims for a 48GWh Battery Energy Storage System target by 2030, while the UAE's goals remain unspecified. Challenges for international developers include evolving technology, pricing, and the need for robust policy frameworks.
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The Middle East energy storage market, primarily driven by state-owned entities, is seeking private sector participation for its next phase. In Saudi Arabia, projects are led by the Saudi Electricity Company (SEC) and Saudi Power Procurement Company (SPPC), while in the UAE, Emirates Water and Electricity Company (EWEC) and Dubai Electricity and Water Authority (DEWA) are key players alongside Masdar.
Current projects are largely state-owned or procured through build-own-operate models. Saudi Arabia aims to achieve a 48GWh large-scale Battery Energy Storage System (BESS) target by 2030, while the UAE has not specified its goals.
Challenges for international developers include rapidly changing technology and pricing, as well as the need for established policy frameworks. Recent developments include EDF Renewables' financing of two solar projects in Saudi Arabia and a partnership between Masdar and Engie for a 1.5GW solar project in Abu Dhabi, both incorporating BESS solutions.
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