ACWA Power, Enviromena and Standard Chartered Bank join Bloomberg New Energy Finance for interactive discussion on investing in Photovaltaic Technologies.

Abu Dhabi,

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Michael Liebreich, Chief Executive of Bloomberg New Energy Finance, yesterday chaired a panel with Tufan Demicioglu from Standard Chartered Bank, Sami Khoreibi from Enviromena and Paddy Padmanathan from ACWA Power at the World Future Energy Summit (WFES) 2011 Project Village. The session discussed the release of a white paper which demonstrated the economic attractiveness of investing in Photovoltaic Technologies (PV) to replace oil fuelled domestic power generation.

Commenting on the panel, Michael Liebreich said, “The support of ACWA Power, Enviromena and Standard Chartered Bank shows the industry is moving ahead with solar projects at all stages of the value chain. The findings underline the growing role of renewable energy in the MENA region which Bloomberg New Energy Finance is delighted to be supporting by hosting the Project Village at the World Future Energy Summit.”

Mr Liebriech began the session by offering a high level overview of the note before handing over to Mr. Demicioglu who further explained the methodology and Standard Chartered Bank’s contribution to the research piece. Mr. Khoreibi then commented on how the findings had the potential to change the outlook of policy makers in the region and how he thought that the conservative methodology used meant that the rate of returns would certainly be even more attractive than cited. Mr. Padmanathan expressed his gratitude for the publication and said that ACWA Power was aiming to develop 1500MW of PV in Saudi Arabia based on their agreement with the finding and their own analysis.