Saudi Arabia to launch substantial renewable energy programme

Saudi Arabia to launch substantial renewable energy programme

Saudi Energy Minister Khalid al-Falih has announced the country will invest between US$30-50 billion in renewable energy schemes by 2023.

The government of the world’s biggest oil exporter has set a target of producing 10GW of electricity from renewables – equivalent to powering 3 million homes, in an attempt to reduce its reliance on oil based energy.

The programme will predominantly focus on constructing solar and wind projects, as well as some geothermal and waste projects.

Speaking at the World Future Energy Summit in Abu Dhabi, Falih said: “We will be launching in the next few weeks in Saudi Arabia the first bid round of our massive programme to introduce renewables. We invite the global industry to come and participate.”

In addition to renewable energy, the Middle-Eastern nation has committed to building two commercial nuclear reactors in the capital city of Riyadh, which could generate up to 2.8GW of electricity upon completion.

Saudi Arabia is also looking to commence trading with electricity produced from renewables, particularly with neighbouring countries Jordan, Yemen and Egypt.

“We will connect to Africa to exchange non-fossil sources of energy,” added Falih.