Abu Dhabi-based renewable energy company, Masdar, will host the World Future Energy Summit 2012, which will take place between January 16 and 19.

With the cost of solar energy modules plummeting by 76 per cent in just three years, according to Bloomberg New Energy Finance, experts say the key to widespread adoption will depend less on price and more on improved awareness of the potential of the technology.

Jim Brown, president utility business group at First Solar, a leading developer of photovoltaic panels and a sponsor of WFES 2012, said that the industry must do more to educate government and the public about the cost and other benefits of solar.

“There’s still a perception that PV is an expensive technology, compared with conventional fuels, but the industry has made great progress in reducing the cost of solar and that trend is only going to continue. Also, when you take out the incentives provided to traditional energy, solar is an additional viable option today,” he said.

“The market needs to recognise the benefits of solar power in its pricing: solar helps optimise the use of a country’s natural resources, provides for a hedge against rising fossil fuel prices in electricity generation, and can be deployed to the grid faster than other power generation technologies. And that’s on top of providing one of the most environmentally sustainable power solutions.”

Michael Liebreich, CEO of Bloomberg New Energy Finance and moderator of a special session at the summit on financing strategies, said: “Large-scale solar projects are moving closer to grid parity compared with conventional power, and rooftop solar is also becoming competitive with utility prices in a number of markets today, such as Italy, Turkey and Portugal, and will be in almost all sunny countries by 2015.”

Developing economies are rapidly catching up with their Western counterparts in terms of investment in renewable energy – not just across solar, but also in other technologies including wind.

Middle Eastern projects on show at the Project Village at WFES 2012 include a 200-megawatt wind farm under development on the Gulf of Suez, a 160-megawatt solar power plant in Morocco, and the $400 million Shams Ma’an photovoltaic power plant underway in Jordan.

A total of 25 key renewable energy projects, with a combined value of $4 billion, will participate in the Project Village.

French oil major Total, both a WFES sponsor and exhibitor, is a partner in Shams 1, another large-scale solar power facility being developed by Masdar in the UAE, sees solar power contributing to both the diversification of Middle East economies and the region’s long-term energy security.

“Some renewable energies are already competitive with fossil fuels, like onshore wind and certain types of solar. That’s a fact,” said Jean-Marc Otero Del Val, senior vice president for power at Total Gas & Power. “Through solar power, Gulf countries can displace their domestic oil and gas consumption and supply conventional energy to other parts of the world that need it.”

Abu Dhabi is leading by example with its stated aim to produce 7 percent of its electricity needs from renewable sources by 2020. Other Arab states, including Saudi Arabia, have also declared targets for domestic renewable energy capacity.

Besides raising awareness of the increasing cost competitiveness of solar power applications, the 2012 World Future Energy Summit will also promote their diversity – from utility-scale plants to smaller installations providing a power source in remote locations.

“On the theme Powering Sustainable Innovation, the fifth edition of the summit in January will effectively demonstrate the wide range of solar solutions entering the global market and their potential in Mena,” said Naji El Haddad, exhibitions director at WFES 2012. “The panel discussions and exhibition will highlight all the key issues relating to the integration of solar into the energy mix. We expect over 26,000 attendees, including 3,000 delegates, 650 exhibiting companies and 20 national pavilions, to participate in the summit this year.” – TradeArabia News Service