Chris Nelder's article on Friday served to point out that the realities of Peak Oil are quickly appearing in undeveloped countries across the globe.

With an energy crisis just starting to dig in its heels, some developing nations are trying to stay ahead of the curve by implementing renewable energy solutions.

It seems crazy to think that massive technology-laden projects are popping up in the most unpredictable of places but, as the adage goes, desperate times call for desperate measures.

And the times truly are desperate. Why else would huge oil conglomerates now be vying with each other to get an early stake in these nascent industries?

These clean technologies are the future. The end of cheap oil is here and the race to find viable alternatives in running at full throttle. Those that recognize the emerging trends surely stand to profit nicely.

With that in mind, let's take a look at what's happening on the other side of the globe.

Some Like it Hot

In northern Africa, there's a country that ranks fourteenth in proven petroleum reserves and is already throwing in the towel in the fight against Peak Oil.

Algeria is well aware that its oil and gas riches will one day be gone. For that reason, the country is preparing to exploit its most obvious resource: the scorching African sun.

Late in July, construction began on the country's first solar facility. It will be a cogeneration plant featuring natural gas--which is plentiful in Algeria--and concentrating solar power (CSP). When complete, parabolic solar troughs will span the equivalent of nearly 45 football fields in the Sahara Desert.

The solar panels will be used to heat fluids that drive a power-generating turbine.

And the electricity produced at this location will not only be used to power Algeria, but Europe as well. Apparently barren desert is the new rich resource.

The ultimate goal of the Saharan solar field is to export 6,000 megawatts of electricity to Europe by 2020--enough to power over four million homes. But the solar potential in Algeria is many times that--enough to power the world four times over.

The problem has been--as it is elsewhere--trying to harness all that energy efficiently and economically. Progress is made every day with regard to increasing the efficiency of solar cells, and they become more economically viable with every drop of oil we use.

That's why a country that gets 95% of its export earnings from oil is making the switch to renewables. It used to be that oil was money and power. Now we're seeing that energy in all forms is money and power.

According to Wolfgang Palz, chairman of the independent World Council for Renewable Energy, "Until now, all the oil-producing countries under the lead of Saudi Arabia did everything to torpedo renewable energies."

Now, with the potential for new wealth and the imminence of Peak Oil, even traditionally oil-rich countries are jumping on the renewables bandwagon. And they're not having any trouble finding backers.

For this $425 million project, Spanish firm Abener won an international tender to control 66% of the operation. Other solar projects in Algeria are already being run by oil giant BP.

This is going to be a huge industry with incredible potential for profit. In fact, a recent German study found that by 2020 the cost of collecting solar power will be equivalent to $15 oil.

As oil production continues to dwindle, we'll see a flood of investment in solar hotspots like Africa.

WorldWater and Profit

One company that's been making strides in the realm of solar power is WorldWater and Power Corp. (WWAT.OB). And it's no surprise that this company announced its first African contract last week, signifying expansion into this untapped market.

This is a company Green Chip investors got into early on. Since our recommendation in early 2005, our readers have seen this thing climb (currently) 463%, with plenty more to come. Before the market skid these past few weeks, it was up over 725%.

Take a look:

And we've already got our sights set on the next solar stock explosion.

Less than a month ago we recommended a small solar company poised for rapid growth. This is a company that makes building-integrated photovoltaics and concentrating solar projects.

And they've already begun to explore China, India, Latin America, the Middle East and Africa as potential markets.

Since our recommendation this stock is up over 17%, yet it still trades for under $1.00.

If this is anything like our other recommendations, it won't stay that low for long. To be one of the lucky investors who catch this future giant early, click here .

After subscribing, you'll be given a full report about this small company as well as access to Green Chip's other recommendations and reports.

There's no time to lose. This one is climbing every day.

Until next time,

Nick