Saudi Arabia Sets Lofty Renewable Energy Goals

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Researched by Industrial Info Resources (Sugar Land, Texas)--Saudi Arabia plans to generate 58.7 gigawatts (GW) of renewable energy by 2030, representing 50% of its total generation. To achieve this goal, the Saudi government has placed Acwa Power (Riyadh, Saudi Arabia) at the center of its Vision 2030 plan.

The Public Investment Fund of Saudi Arabia (PIF) and Acwa Power signed power purchase agreements with Saudi Power Procurement Company (Riyadh) to develop three large-scale solar power stations with a cumulative capacity of 4.55 GW, requiring an estimated investment value of US$3.25 billion.

The PIF aims to build 70% of the kingdom's renewable energy generation targeted by 2030 under direct proposal from international private players, while the remaining 30% of renewable energy generation will be tendered by the Renewable Energy Project Development Office (REPDO) under a competitive bidding process.

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