Saudi Arabia Plans $100B+ Solar Energy Expansion (FSLR) (STP) (YGE)
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Solars are poised to pop Friday amid new chatter that a Middle Eastern country plans to become a major buyer over the next few years.
According to data out today, Saudi Arabia is planning a $109 billion solar industry aimed at generating one-third of the nation's electricity by 2032. Work on the first facility will commence next year, Bloomberg notes, with the facility potentially taking two years to build.
Final approval for the solar is expected to be received early next year with the project expected to be operational by 2015. The country recently approved plans for its first nuclear plant, which is expected to come online in 2020.
Saudi Arabia is targeting about 41-GW of electricity from the approval with 16-GW being generated by photovoltaic panels.
Comments were made by Khalid al-Suliman, vice president at the King Abdullah City for Atomic and Renewable Energy to a Saudi Press Agency on Thursday.
Moving on the news today include names like First Solar (Nasdaq: FSLR), Suntech Power (NYSE: STP), Yingli Green Energy (NYSE: YGE), JA Solar (Nassdaq: JASO), Trina (NYSE: TSL) and others.
According to data out today, Saudi Arabia is planning a $109 billion solar industry aimed at generating one-third of the nation's electricity by 2032. Work on the first facility will commence next year, Bloomberg notes, with the facility potentially taking two years to build.
Final approval for the solar is expected to be received early next year with the project expected to be operational by 2015. The country recently approved plans for its first nuclear plant, which is expected to come online in 2020.
Saudi Arabia is targeting about 41-GW of electricity from the approval with 16-GW being generated by photovoltaic panels.
Comments were made by Khalid al-Suliman, vice president at the King Abdullah City for Atomic and Renewable Energy to a Saudi Press Agency on Thursday.
Moving on the news today include names like First Solar (Nasdaq: FSLR), Suntech Power (NYSE: STP), Yingli Green Energy (NYSE: YGE), JA Solar (Nassdaq: JASO), Trina (NYSE: TSL) and others.
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