Will give a fillip to the economy of the Kingdom!
Saudis Kick Off $50 Billion Renewable Energy Plan to Cut Oil Use
by Anthony Dipaola
February 20, 2017
Saudi Arabia is kicking off its $50 billion renewable-energy push as the world’s top crude exporter turns to solar and wind power to temper domestic oil use in meeting growing energy demand.
“This marks the starting point of a long and sustained program of renewable energy deployment in Saudi Arabia that will not only diversify our power mix but also catalyze economic development,” Khalid Al-Falih, the energy minister, said in the statement. The ministry’s Renewable Energy Project Development Office intends to set up “the most attractive, competitive and well executed government renewable energy investment programs in the world,” he said.
Middle Eastern countries like Saudi Arabia, the United Arab Emirates, Jordan and Morocco are developing renewable energy to either curb their fuel imports or conserve more valuable oil that could otherwise be exported. Saudi Arabia plans to develop almost 10 gigawatts of renewable energy by 2023, requiring investment of $30 billion to $50billion, Al-Falih said last month in Abu Dhabi.
Building more solar, wind and nuclear power plants is part of a broader plan that the kingdom announced in April to diversify away from crude sales as the main source of government income.
The two projects in this round are a 300-megawatt solar facility at Sakaka in the country’s northern Al Jouf province and a 400-megawatt wind plant at Midyan in northwestern Tabuk province, according to the statement.
https://www.bloomberg.com/news/arti...-billion-renewable-energy-plan-to-cut-oil-use
Saudis Kick Off $50 Billion Renewable Energy Plan to Cut Oil Use
by Anthony Dipaola
February 20, 2017
- Energy ministry seeks bidder qualifications for next month
- Bids to be accepted by July for 700MW of wind, solar power
Saudi Arabia is kicking off its $50 billion renewable-energy push as the world’s top crude exporter turns to solar and wind power to temper domestic oil use in meeting growing energy demand.
“This marks the starting point of a long and sustained program of renewable energy deployment in Saudi Arabia that will not only diversify our power mix but also catalyze economic development,” Khalid Al-Falih, the energy minister, said in the statement. The ministry’s Renewable Energy Project Development Office intends to set up “the most attractive, competitive and well executed government renewable energy investment programs in the world,” he said.
Middle Eastern countries like Saudi Arabia, the United Arab Emirates, Jordan and Morocco are developing renewable energy to either curb their fuel imports or conserve more valuable oil that could otherwise be exported. Saudi Arabia plans to develop almost 10 gigawatts of renewable energy by 2023, requiring investment of $30 billion to $50billion, Al-Falih said last month in Abu Dhabi.
Building more solar, wind and nuclear power plants is part of a broader plan that the kingdom announced in April to diversify away from crude sales as the main source of government income.
The two projects in this round are a 300-megawatt solar facility at Sakaka in the country’s northern Al Jouf province and a 400-megawatt wind plant at Midyan in northwestern Tabuk province, according to the statement.
https://www.bloomberg.com/news/arti...-billion-renewable-energy-plan-to-cut-oil-use
