The signing of the Shams 1 solar power project financing in the UAE last month has opened the way for a burgeoning in renewable energy in the Gulf, said Standard & Poors Ratings Services in a new report.

Saudi Arabia expects renewable sources to contribute greater amounts to its total energy consumption as its need for power triples over the next two decades.

Vision Electro Mechanical Company, a subsidiary of Saudi based Construction Products Holding Company (CPC), plans to construct a 130KW solar power plant in the Kingdoms Bahra region in alliance with California-based SolFocus.

Oman will take a major step in establishing its solar energy industry when the government launches the competitive process for the procurement of a large-scale solar power project during the first half of next year.