In its pursuit to reduce carbon emissions and generate sustainable energy, the Kingdom of Saudi Arabia has announced its goal to add 130 gigawatts of renewable energy before 2030.
It was explained that the Kingdom aims to add 20 gigawatts of renewable energy annually and is prepared to export up to 150 gigawatts of electricity, including green electricity or hydrogen.
This step is a significant achievement for the Kingdom, enabling it to meet its sustainable energy goals and contribute to mitigating the effects of climate change.
Some Facts and Figures
🔹️ By the end of 2023, the production capacity of renewable energy projects under construction in the Kingdom will exceed 8 gigawatts, with an additional 13 gigawatts of renewable energy capacity in various stages of development across multiple projects.
🔹️ The Kingdom targets achieving an optimal energy mix for electricity production, approximately 50% natural gas and 50% renewable energy by 2030.
🔹️ The Kingdom is steadily progressing towards its goal of reducing carbon emissions by 278 million tons annually by 2030.
🔅 Project Financing Mechanism
Renewable energy production projects in the Kingdom of Saudi Arabia are implemented through a Public-Private Partnership PPP system. This system allows the private sector to participate with the government in implementing major projects, through bidding, project execution, operation, and maintenance.
Under this system, the Saudi Energy Purchase Company SECA has issued international tender requests for the implementation of several Renewable Energy production projects in the Kingdom, including:
✔️ Dumat Al-Jandal Solar Power Project with a capacity of 400 megawatts
✔️ Yanbu Solar Power Project with a capacity of 700 megawatts
✔️ Al-Ghat Solar Power Project with a capacity of 600 megawatts
✔️ Waad Al-Shamal Solar Power Project with a capacity of 500 megawatts
🔅The winning companies for these tenders have been selected, and construction work has begun on these projects.
🔅It is expected that all renewable energy production projects in the Kingdom of Saudi Arabia will be implemented by 2030 through the Public-Private Partnership system.
