By Innovation-sa on October 10, 2018 in News
Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources confirmed that the Kingdom is on track to implement several renewable energy mega projects worth billions of dollars in line with the goals of Vision 2030.
The projects, which plans to generate 200 megawatts of electricity from solar energy by 2030 is working in collaboration with the Public Investment Fund (PIF), SoftBank and other related authorities.
Abdulrahman Bin Abdulkareem, advisor to the Minister of Energy, Industry and Mineral Resources, promised at least $200 billion worth of investment opportunities in the solar energy sector and reassured that the Kingdom is on track to become a global leader in solar energy while speaking at the 11th annual Arab Energy Forum in Morocco.
The Ministry has outlined several short-term experimental projects and has also invited global investors, consultants, and contractors to participate in these projects.
“The PIF continues to work with the SoftBank Vision Fund and other institutions on a number of large scale, multi-billion-dollar solar projects which will be announced at the appropriate time”, the Saudi Press Agency (SPA) said in a press release reassuring that the Kingdom is moving ahead with its dream to become a leading and reliable supplier of renewable energy.
The Ministry also explained the three elements of its comprehensive power sector transformation plan – restructuring the electricity market to improve competitiveness and raise its capability to attract investments from the private sector, introducing a qualitative change in the energy blend being used in the Kingdom and its related technologies so as to include a significant capacity of renewables, primarily solar, but also wind, and investing, industrializing and localizing all stages of the added value series in the electricity sector.
SaudiGazette –October 2018