Saudi Arabia Renewable Energy Solar & Wind 2018

Saudi Arabia, the world’s biggest oil exporter, is expected to lead Renewable Energy Developments in the coming years with up to $7 billion worth, according to the International Renewable Energy Agency. Saudi Arabia, which largely burns oil to generate power, has set ambitious targets to add 9.5 GW of renewables by 2023, as it looks to sell more of its crude oil to export markets. As per the Vision 2030, the Ministry of Energy, Industry, and Mineral Resources (MEIM) is expected to tender 3.25GW of solar and 800 Megawatts of wind capacity this year alone. Saudi Arabia’s inaugural 400MW wind project received global interest. Saudi Arabia expects to commence $7 billion worth of renewable energy projects this year, with solar plants leading the way.

The Kingdom’s National Renewable Energy Program (NREP) that is managed and executed by the MEIM is directly supporting Saudi Arabia’s National Transformation Program (NTP) and Vision 2030.

Saudi Arabia’s first Solar-Powered Gas Station recently opened in the Red Sea city of Jeddah. The Kingdom’s drive toward solar power began in February with the Energy Ministry’s announcement of a Solar Station in the northern city of Sakaka. The project is the first of many within the Initiative of Custodian of Two Holy Mosques for Renewable Energy. Winning bidders will cover financing costs while the government guarantees to buy power produced from the projects over 25 years.

But Saudi Arabia’s biggest project is a $200bn, 200GW solar development, set to be the world’s largest in the newly announce NEOM city. Japan’s Softbank and Saudi Arabia’s Public Investment Fund are leading the development, which will be completed by 2030, create 100,000 jobs and reduce the cost of generating electricity.

Saudi Arabia has an impressive natural potential for solar and wind power, and the local energy consumption will increase three fold by 2030, the country still lack a competitive renewable energy sector at present. In the wake of these events, Bricsa Consulting has developed this agenda to bring Renewable Energy sector leaders across the globe under one roof and discuss on the various facets of Renewable Energy. Despite the Kingdom’s clear strengths in solar and wind energy, the Vision 2030 is yet to have a competitive space in the global market. The Kingdom aims to review the legal and regulatory framework that allows the private sector to purchase and invest in the renewable energy sector. It also focuses to localize the Energy Industry and produce the necessary skill-sets for local resource development; they will also encourage Public-Private Partnerships (PPP). In future Kingdom is also looking forward to guaranteeing the competitiveness of Renewable Energy through the gradual liberalization of the fuels market.