19 Apr Saudi Arabia commences renewable energy push with Riyadh solar project
Saudi Arabia’s Energy Minister Khalid al-Falih has announced that the bidding process for a 300MW solar energy project in Riyadh has been initiated.
The large-scale project is part of an even larger, multi-billion dollar plan to increase the Middle Eastern nation’s renewable energy production to 10% within the next few years.
The Riyadh solar power project is expected to come online by 2018-19, and is one of 30 potential solar and wind projects which could go live by 2023.
Saudi Arabia is attempting to restructure its energy mix and aims to generate 9.5GW of renewable energy by 2023.
This renewables initiative is estimated to require between US$30-50 billion of investment, according to a Reuters report.
“The energy mix to produce electricity will change, today the kingdom uses large quantities of oil liquids, including crude, fuel oil and diesel,” said Falih.
“So, the percentage of renewable energy by 2023 [will be] 10% of total installed capacity in the kingdom.”
The 2023 renewable energy goal is part of a wider Vision 2030 initiative, which seeks to reduce the nation’s reliance on oil, an industry which has been hit by a sustained downturn in global prices.