Diamondback Energy and Diamondback to Partner on $8 Billion Solar Power Plant Source: Associated Press
The United States is poised to join an industry-leading solar market, according to a report from analysts at the International Energy Agency.
The agency’s solar energy business unit said that the solar market is expected to grow to $5.2 billion in 2020, a figure that is expected grow to more than $20 billion by 2025.
“There’s a lot of potential for this market to grow substantially,” said Greg Jost, an analyst at the agency’s research division.
A $5 billion solar facility in Alabama, the U.S. state where the company is based, could be a catalyst for the market.
Solar photovoltaic panels on a rooftop solar farm in the southeastern U.K. in December 2017.
In addition to the $5-billion investment announced earlier this year, Diamondback is also investing $4 billion to $6 billion to develop and install solar arrays in the U: States.
For now, the company has set up a solar power development program with the U S Dept of Energy’s Advanced Research Projects Agency-Energy, and a $4.8 billion investment program with its parent company, Diamondbacks Energy.
More to come…