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Saudi Arabia is expanding the reach of its 105 billion riyal (US$28 billion) industrial fund to spur renewables through loans to component manufacturers, to independent power projects and to projects spearheaded by firms in other industries. The new programme comes to expand the Saudi Industrial Development Fund’s work over the past 45 years, during which it has “played a key role" in driving industrial development in the kingdom, according to a government release. The new incentives are part of Saudi Vision 2030, Crown Prince Mohammad bin Salman’s plan to diversify the economy of the world’s largest oil exporter. In January, the government announced it would deploy 60GW of renewables by 2030, two-thirds of which would be solar. Under the new scheme, named for the Arabic word for renewables Mutjadeda, component manufacturers can borrow up to 75% of a project's cost from the government and benefit from loan repayment periods of up to 20 years and grace periods of up to 36 months. Independent renewable energy production projects can apply for the same repayment and grace periods. Players in other industries deploying renewables can apply for loans with repayment periods of up to 12 years and grace periods of 36 months. Bloomberg reports that loans will be for as much as 1.2 billion riyals (US$320 million). The government’s pivot to renewables comes after a drone strike on the kingdom’s Abqaiq processing facility in mid-September cut global oil output by five percent and sent oil prices skyrocketing. Saudi Arabia's new loan scheme sees the light in a year set to conclude with the second round of government renewable auctions.  A spokesperson from the Renewable Energy Project Development Office (REDPO) told PV Tech in an email that while the government agency does not currently have an exact date when auction results will be published, their announcement will take place in December and will be broadcast live.  Saudi Arabia’s solar industry is poised for rapid growth, according to an analysis by Wood Mackenzie. In July, the firm placed the Gulf state within a 20-strong cohort of global “growth [solar] engines,” countries that are expected to be installing between 1-5GW of the energy source a year by 2024.

inexpensive as well as dependable solar power remedies to C&I customers in Saudi Arabia and "blaze a trail in the advancement of the community for dispersed

has signed deals to develop, construct, and operate three solar projects in Saudi Arabia with a total capacity of 5.5 GW. The projects, named Haden, Muwayh, and Al

has secured the development rights for the 2-GW Al Sadawi solar project in Saudi Arabia. The agreement follows a successful bid during the fifth round of the National

Technology Co Ltd has achieved financial close for a 400-MW solar project in Saudi Arabia, enabling construction to commence. The Tabarjal Solar project, located 17 km

risk would certainly aid to drive and also diversify financial growth in Saudi Arabia. The deal also comes numerous months after China's Silk Road Fund completed

tandem solar cells to market, which could provide affordable clean energy in Saudi Arabia and beyond. The technology combines the efficient light absorption of

and Bahra Electric have agreed to establish a joint venture in Saudi Arabia to produce solar trackers and mounting solutions. The new company and factory will

in debt financing for the construction of three large-scale solar projects in Saudi Arabia, with a combined capacity of 4.55 GW. The projects, Ar Raas 2, Saad 2, and Al

an S&P 500 company based in Israel, is forming a joint venture with a Saudi Arabian firm, Ajlan & Bros Holding, to develop renewable energy in Riyadh. This

expected to see the conclusion of its 400-MW Dumat Al-Jandal wind farm. Saudi Arabia has established a goal of making renewables make up 50% of its energy mix by

Saudi Arabia Renewable Energy Project Development Office (REPDO) has actually provided the checklist of all the pre-qualified prospective buyers in rounded 3 of the

financial close on its Al Shuaibah 1 and Al Shuaibah 2 solar projects in Saudi Arabia. The two projects have a combined capacity of over 2.6GW and are located in Al

multi-utilities infrastructure facility for the Amaala luxury resort in Saudi Arabia, which aims to be fully powered by renewable energy. This project is supported

an expediency research study with the aim of creating green hydrogen in Saudi Arabia for export purposes. The initiative will sustain PIF's objective to make more