By Giles Parkenson, Australia
The $25 billion Saudi power company ACWA Power announced that the cost of solar technologies are falling so quickly that within a few years the combination of solar PV and solar towers with storage will be able to compete directly with base load fossil fuels.
In reaction to the news, the director general of the International Renewable Energy Agency, Adnan Amin, said that ACWA’s winning a bid for a for 200MG solar farm out in the desert was a “seismic” event. As for those who question the idea of cost parity between renewables and fossil fuels, Amin said:
“If they think that, then they need to wake up and smell the coffee.”
Pictured above, left to right: Paddy Padmanathan ACWA power company and Adan Amin, director of the International Renewable Energy Agency. Below: What the mega solar power reserve in the middle of the desert will look like.