New projects such as $200-billion 200 GW solar power plant and the $130-million Al Khafji solar-powered water desalination plant would drive Saudi Arabia’s solar panel market to grow at a CAGR (compound annual growth rate) of 30.2 per cent during 2018-24, a report said.

Additionally, in the FY2019 national budget, the Saudi government has allocated $7 billion for the development of renewable energy projects, added the study titled “Saudi Arabia Solar Panel Market (2018-2024)” from 6Wresearch, a global market research and consulting firm.

 

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