The demand for electricity is on the rise all over the world and in the coming decades an increase of over 60% is predicted. In order to supply these growing needs, the global production capacity is expected to increase by nearly 300%, with investments reaching some $10.1 trillion by 2050.
Pollutant fossil fuels are currently responsible for about two thirds of the electricity production in the world; however, during the next thirty years this situation is expected to transpose. For the good of a sustainable future, a better environment and reducing dependence on fossil fuels, the energy mix is undergoing change. Numerous countries all over the world are already marching toward a future of clean and renewable sources of energy, with solar and wind taking the lead.
Of all the renewable energy solutions, solar technologies, along with wind turbines, currently prove to be the most cost-effective. Today, due to the low development and building costs, solar electricity production is the most inexpensive means of production. Consequently, the use of solar energy for electricity production is expected to increase from today’s 2% to 22% in 2050 with an investment of some $4 trillion.
The renewable energy market in Israel is still in its infancy; however it is in the course of an expeditious revolution which over the coming decade is expected to increase six fold.
Today, in comparison with other OECD countries, Israel is lagging behind in everything related to employing renewable energies, however it is aggressively acting to fall in line, setting itself ambitious goals for reducing the use of polluting fuels. Recently the Israeli government approved the update of its renewable energy goals to 30% by 2030 – this is six times the present capacity of installed power. In taking this step, Israel joins the global energy revolution that will change the face of the energy market in the world and in Israel in the coming decades.
To lead Israel towards its renewable energy goals, means building solar installations in a scope of about 16 GW on land reserves, on reservoirs, and on rooftops, at an estimated investment of over NIS 80 billion.
Unlike building a conventional power plant that requires the import of foreign capital, equipment and manpower, the Ministry of Energy’s plan will mainly be implemented by employing the private market. This would require involving a company with established and proven accomplishments; a company able to withstand and fulfill the requirements of tenders.
Meshek Energy has vast experience and expertise in initiating, finance, design, execution, building, operation and maintenance of PV projects in Israel.
These are what define Meshek Energy as a primary player, one with the ability to lead Israel’s electricity economy into the future.