Sun-rich countries confirm nine new solar projects after huge price drop

An international group of sun-rich nations confirmed nine new solar energy projects in five countries this week following a dramatic drop in price for the technology.

Meeting at the World Future Energy Summit during Abu Dhabi Sustainability Week, the International Solar Alliance (ISA) signed letters of intent for projects in the United Arab Emirates, Saudi Arabia, Nigeria, India and Spain.

Solar energy has flourished due to a significant decrease in costs, said International Renewable Agency director general Adnan Z Amin – the price of panels fell by 80% between 2010 and 2016, and generation costs have fallen by more than 70%. The organisation also predicts a further 60% drop in solar panel costs.

Launched in 2015 by the president of France and the prime minister of India, the ISA is a coalition of sun-rich countries aiming to increase solar energy use and reduce its members’ dependence on fossil fuels. It hopes to help developing countries harness 1,000GW of solar power by 2030 by raising $1tn and arranging necessary technical assistance.

“The best way to get going is to get projects on the ground,” said interim director general Upendra Tripathy. “That is what we call action to transaction, and that is what ISA is all about.”