Saudi Arabia Announces 10 New Renewable Energy Projects

Dec 12, 2022 11:20 AM ET
  • The complete capacity of power generation of the announced renewable energy projects will be 7 GW.
  • The new renewable energy projects become part of the strategy to understand the Kingdom's 2030 Vision.

The Kingdom of Saudi Arabia is mulling over the growth of 10 new renewable energy projects in the nation. According to reports, the new RE projects are aimed at improving the power generated from solar and wind resources as well as more reducing making use of fossil fuels-- especially oil-- to produce electrical energy.

The new renewable energy projects have actually been announced in the budget of Saudi Arabia for 2023 that was announced with an excess. According to reports, the complete capacity of power generation of the announced renewable energy projects will be 7 GW.

Every one of the RE projects become part of the strategy to realise the Kingdom's 2030 Vision that targets at economic diversification as well as the development of renewable energy in the energy mix of Saudi Arabia to half by the end of this decade.

The requirements of the projects or the prices to be sustained is yet to be recognized. In the budget, Saudi Arabia has actually set a goal of cutting the diesel intake and the generation of electricity by over 5000 barrels a day in a quest to advance the source of decarbonisation of the economy.

In June, Fitch Solutions held that the OPEC member, which has about 700 MW of renewable energy online at present, would see 5.2 GW of green energy coming online by 2031. The Energy Minister of Saudi Arabia said that the country will certainly double the renewable energy tenders this year as well as offer a fillip to the clean electrical energy availability.

Until now, projects worth 7.1 GW have actually been tendered and are in different stages of completion. Greater than two times this capacity will turn up in 2022 as well as 2023 for tendering in Saudi Arabia.

The Kingdom lately included five new renewable energy projects that will produce an additional 3300-MW of power and the projects are a part of the continuous National Renewable Energy Program. According to the General Authority of Stats, Kingdom of Saudi Arabia, the country has strategies to generate a large 15.1 TWh of renewable energy by 2024.

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