Saudi Arabia Solar Investments
Saudis Go Solar
The nation long associated with its vast oil fields is set to get a renewable makeover.
At the Saudi Solar Energy Forum, Saudi government officials announced long-term development goals and policy framework. The project will be overseen by the King Abdullah City for Atomic and Renewable Energy (KA-CARE).
Saudi Arabia’s goal is to generate a quarter of its energy from the installation of 41 GW of solar energy by 2032. In addition to the solar goals, wind energy, geothermal and waste-to-energy plans were also announced. This program, worth billions, would make Saudi Arabia a new hotbed of renewable energy development. KA-CARE hopes that this program will turn Saudi Arabia into a “Kingdom of Sustainable Energy.”
In addition to outlining its long-term goals, KA-CARE said development of Saudi Arabia’s solar market would begin immediately. The first two competitive bidding rounds for developing 5GW of utility-scale solar projects are set to debut early next year. The tender rounds are going to be followed by a feed-in-tariff system.
From a solar perspective, Saudi Arabia will absolutely become a major player due in large part to its arid landscape and its abundant sunlight, not to mention unparalleled financial strength from its position atop the oil market. Apricum, a strategic management consultancy that focuses on renewable energies expects the Saudi program to cause a chain reaction, resulting in booming activities from both international and local Saudi companies.