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A silent revolution is under way. In November, Dubai announced the construction of a solar energy park that will produce electricity for less than $0.06 per kilowatt-hour — undercutting the cost of the alternative investment option, a gas or coal-fired power plant.

The plant — which is expected to be operational in 2017 — is yet another harbinger of a future in which renewable energy crowds out conventional fossil fuels. Indeed, hardly a week seems to pass without news of a major deal to construct a solar power plant. In February alone, there were announcements of new solar power projects in Nigeria (1,000 megawatts), Australia (2,000 MW), and India (10,000 MW).

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