The Middle East, spearheaded by the oil-rich Persian Gulf monarchies, could spend up to $50 billion on developing solar power over the next seven years, says the Middle East Solar Industry Association. The MESIA group based in Dubai, financial center of the United Arab Emirates, estimates the region will install 12,000-15,000 megawatts of solar power by 2020, with another 22,000-25,000 gigawatts from other renewable energy sources such as wind and hydro-power. The rapid expansion of power generation is a critical issue for governments and rulers across the region in the coming decade as populations swell and industrialization spreads, particularly in the petrostates of the gulf which have found their oil exports are suffering because they’re diverting too much oil to power plants. “It is estimated that installed generating capacity in the region will be required to double by 2020 to […]