NewEnergyNews: Saudis Move Ahead On $30Bil New Energy Buy

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    Friday, January 20, 2017

    Saudis Move Ahead On $30Bil New Energy Buy

    Saudi Arabia seeks $30bn-$50bn solar and wind energy investment; Riyadh will issue tenders for renewables programme in push to curb reliance on oil

    Simeon Kerr, January 16, 2017 (Financial Times)

    “Saudi Arabia will “within weeks” start issuing tenders for a big solar and wind power programme that envisages investment worth $30bn-$50bn by 2030…The oil-rich kingdom…[is completing plans for 2.8 gigawatts of] commercial nuclear power…[Fulfilling previous announcements to turn Saudi Arabia into ‘a solar powerhouse”, the country is] targeting renewable power projects with a capacity of 10GW by 2023…The pledge to invest heavily in broadening the energy mix builds on previous commitments to alternative power sources as part of Riyadh’s ambition to diversify the economy away from crude oil production by 2030. Its national development plan had earlier set a target of developing 3.45MW of renewable energy capacity by 2020…Renewable and nuclear energy are seen as vital to cut domestic demand for oil, freeing up production for export…” click here for more

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