According to the New York Times, “Saudi Arabia aims to invest up to $7 billion to develop seven new solar plants and a big wind farm”. The country is planning for renewables share as much as 10 percent of its power generation by the end of 2023.
The government signed this week a contract with ACWA Power, a Saudi developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 10 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions, to build a $300 million solar farm in northern Saudi Arabia, that will power 40,000 homes.
All the big developers are watching Saudi, said Jenny Chase, an analyst at Bloomberg New Energy Finance, a market research firm. According to New York Times.
Saudi Arabia’s renewables strategy began to take shape when Khaled al-Falih took over as energy minister in 2016. Mr. Falih made solar and wind a priority for the kingdom, and set up a new unit last year to expedite the work.
Source: From Oil to Solar: Saudi Arabia Plots a Shift to Renewables, NY Times.