Saudi Arabia kick-starts $50bn renewable energy plan

Saudi Arabia has invited investors to submit requests to qualify for the first round of its $30-$50 billion National Renewable Energy Programme by March 20, it said on Monday.

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Saudi Arabia has invited investors to submit requests to qualify for the first round of its $30-$50 billion National Renewable Energy Programme by March 20, it said on Monday.

Saudi Arabia is targetting 9.5 GW of renewable energy by 2023 in line with Vision 2030, an economic reform plan launched last year to diversify the economy beyond oil. The renewable programme involves investment of between $30 billion and $50 billion by 2023.

For the first round, the kingdom will develop a 300 megawatt solar PV plant in Sakaka, the Al Jouf Province in the north.

It will also build a 400 MW wind project in Midyan in the northwest. More info

By Reuters  arabianbusiness.com

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