Considering the challenge of natural resource scarcity in the Middle East, the demand for energy is spiralling up at the rate of eight per cent per year, which is faster than India, China and Brazil, said Anne Le Guennec, CEO at Enova.

Le Guennec added that the recent dip in oil prices had compelled governments in the GCC region states to roll out strategies, such as the UAE Energy Vision Strategy 2050 and the Saudi Vision 2030, to deal with the challenging issues in the GCC region.

Highlighting one of the objectives of the UAE Energy Vision Strategy 2050, she said, “The use of renewable energy, the reduction of CO₂ emissions and the improvement of energy efficiency by 40% are top priorities for the UAE.”

Explaining how the cost of solar technology has reduced over the last couple of years, Le Guennec said that in 2015, the solar plant belonging to the Dubai Electricity and Water Authority was the lowest at the time, with a price of US 5.85 cents per kWh. In 2016, a similar deal was signed at a rate of US 2.29 cents per KWh. In early October, Saudi Arabia announced the lowest bidder for a new solar plant has been submitted at a price of US 1.79 cents per KWh.

Speaking of available solar solutions offered by Enova, Le Guennec said: “Our models are based on three innovative and flexible models. The first option is where the client covers the full investment for the design-build and operation of the solar plant, while we implement the solution. The second option is when the client would pay us installments for the plant and become the owner after the energy performance contract. And the third option is where we own and operate the solar power plant and sell the energy produced at a discounted price in comparison to the electricity tariff.”