(Photo credit: David Sanchez via Electrek)
The growth of renewable electricity generation in Saudi Arabia has continued to rise.
The government in Saudi Arabia have set their ‘Vision 2030’ strategy for the country and have directed the ‘Public Investment Fund’ (PIF) to provide financial support for the renewable strategy.
Current targets for Saudi Arabia’s Vision 2030 strategy include:
- To develop 70% of the Kingdom’s renewable energy capacity by 2030.
- Reach carbon neutrality by 2030.
- Establish net zero carbon emissions by 2050.
The PIF are currently mandated to invest $40bn annually to achieve these targets.
The explanation for such support for the renewable energy transition is because Net Zero is not only viewed as an environmental solution for Saudi Arabia but a major business opportunity.
Saudi Arabia seek to become the lowest-cost producer of renewable energy following on from already having the lowest solar power tariff available.
Solar projects in Saudi Arabia form a key part of the governments renewable energy programme.
Solar has a target of 40GW which would equal two thirds of total renewable energy capacity in Saudi Arabia.
Saudi utility company ACWA Power have signed an agreement with Badeel, water and electricity company in Saudi Arabia, to build the world’s largest single-site solar plant in Al Shuaibah, Mecca Province.
The facility is expected to be operational by the end of 2025 with a generating capacity of 2060MW.
The project is both developed and operated as a 50/50 joint venture between ACWA and Badeel. The two companies also lead the Sudair 1.5GW solar facilities.
Each project is backed by the Saudi Arabia Sovereign Wealth fund and the PIF who hold a 100% stake in ACWA and Badeel.
Overall, clean energy projects in Saudi Arabia are expected to see a continuous increase. The more projects that are developed, the more of Saudi Arabia’s climate objectives will be met.
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