The Kingdom of 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. The Kingdom of Saudi Arabia, which largely relies on oil to generate power, has set ambitious targets to add 9.5 GW of renewable energy 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) are expected to tender 3.25GW of solar and 800 Megawatts of wind capacity this year alone. The Kingdom’s inaugural 400MW wind project received global interest. It 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 threefold by 2030, the country still lack 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 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, The Kingdom is also looking forward to guaranteeing the competitiveness of Renewable Energy through the gradual liberalization of the fuel market.
Highlights of the Conference
National Renewable Energy Plan (NREP)
NEOM - Mega City Powered by Renewable Energy
The Masdar Initiative - Pioneering renewable energy in Middle East
Dubai Clean Energy Strategy 2050 - UAE towards transforming Dubai as a city with the least carbon foot print in the world
To recognize the future of Renewable Energy in Saudi Arabia
To get a better understanding of the opportunities of PPP offered by NREP
Inception of Masdar initiative and Mohammed bin Rashid Al Maktoum Solar Project - Largest single-site Solar Park in the world